360ONE

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Katrina Hamlin

HONG KONG, May 18 (Reuters Breakingviews) - Prudential PRU.L, 2378.HK has a punchy plan to shake up its life insurance business in India: it's buying a controlling stake in Bharti Life Insurance. Tapping its new partner's telco and asset management customers is a risky alternative to the tried-and-tested model of distributing products via a bank but could be an ingenious way to kickstart growth.

The $38 billion group agreed to acquire 75% of Bharti Life from ​Bharti Life Ventures and 360 ONE Asset Management ONEW.NS for $389 million, it said on Sunday.

That means Prudential CEO Anil Wadhwani is doing a switcheroo: the transaction requires Pru to reduce its stake in an existing venture with ICICI Bank ICBK.NS to under 10%, from 22%, per the company. It could well go on to divest what remains, leaving Bharti as its key partner.

The Indian business is in need of a reboot. New business sales there fell 2% last year, and its ranking among private life insurers fell to fifth from third a year earlier. That was a disappointing result for what ought to be a high-growth market. The world’s most populous country has only 3% penetration in the life insurance space, Prudential reckons.

Wadhwani’s solution is a creative one. Insurers often lean on large banks like ICICI to reach potential policy buyers. But the target’s main attraction is Bharti Airtel’s BRTI.NS nearly 300 million smartphone customers in India, compared with ICICI’s roughly 80 million retail banking clients, per data from Bharti and BCG Matrix. Overlapping markets in Africa could also open up other emerging markets, while the telecom company's asset management arm could help Pru reach India’s high net worth individuals.

But making it work could be tough. JioBlackRock, a joint venture between BlackRock BLK.N and Jio Financial Services JIOF.NS, is tapping additional distributors to sell its products after trying a digital direct model that leaned on its connections to Reliance Jio, India’s largest telecoms group.

And while the deal price seems fair, it’s not a bargain, valuing the company at just over $500 million, or around 1.5 times its embedded value as of September. That’s in line with the average for rivals SBI Life Insurance SBIL.NS, HDFC Life Insurance HDFL.NS and the Life Insurance Corporation of India LIFI.NS, per Visible Alpha, and just below 1.6 times for ICICI Prudential Life Insurance ICIR.NS. Shareholders sent Pru’s stock down 2% in morning trade in Hong Kong. That's probably because Wadhwani's punt for better rewards in India comes with higher risks.

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CONTEXT NEWS

Insurer Prudential said on May 17 that it has agreed to acquire a 75% stake in Bharti Life Insurance from ​Bharti Life Ventures and 360 ONE Asset Management for an initial cash consideration of $389 million, with a potential additional consideration of up to $78 million, subject to certain conditions.

Prudential’s Hong Kong-listed shares fell 2.26% to HK$116.8 in morning trade on May 18.

(Editing by Antony Currie; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on HAMLIN/katrina.hamlin@thomsonreuters.com; Reuters Messaging: katrina.hamlin.thomsonreuters.com@reuters.net))

May 17 (Reuters) - Prudential PRU.L on Sunday said it has agreed to acquire a 75% stake in Bharti Life Insurance Company, from Bharti Life Ventures and 360 ONE Asset Management ONEW.NS, as part of a strategic repositioning of its India operations.

• Prudential said it will acquire a controlling stake in Bharti Life Insurance for initial cash consideration of 35 billion rupees ($364.74 million), payable on completion. An additional 7 billion rupees is potentially payable on the fulfillment of certain conditions that the Hong Kong and London-listed insurer did not specify.

• Upon completion of the deal, Prudential said its Indian operations will consist of majority-owned Bharti Life Insurance and Prudential HCL Health Insurance, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management Company IICL.NS and 22% in ICICI Prudential Life Insurance Company ICIR.NS.

• Prudential is required to reduce its shareholding in ICICIPru Life to under 10% to secure regulatory approval for the deal, the company said, adding that it is engaging with regulatory authorities on this process.

• The deal is a strategic move to secure majority ownership of a life insurance business in India, a highly attractive market for Prudential, and enables the insurer to work closely with Bharti Enterprises' other businesses and related entities, the statement added.

• Bharti Life will also look into securing strategic distribution agreements with Bharti Airtel BRTI.NS and 360 ONE as part of the deal, the statement said.

($1 = 95.9600 Indian rupees)

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Chizu Nomiyama )

((rhearose.abraham@thomsonreuters.com))

** Shares of India's 360 One Wam ONEW.NS fall 4.84% to 1,054.70

** Wealth and asset manager report Q4 consol profit of 2.89 billion rupees ($30.82 million), up 15.68% y/y, helped by strong transaction and brokerage income

** Revenue stands at 11.15 billion rupees, up ~27% y/y; AUM up 16% y/y at 6.74 trillion rupees

** Kotak maintains "add" rating but cuts PT to Street-low of 1,250 rupees from 1,300 rupees - data compiled by LSEG

** Brokerage says earnings beat was driven by non-recurring income, while operating costs rose and newer businesses remain loss-making

** Trading volume at 4.07 mln shares, nearly 4x their 30-day average

** YTD, ONEW down 11.6%

($1 = 93.7713 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

((Bipasha.Dey@thomsonreuters.com;))

April 21 (Reuters) - 360 One Wam Ltd ONEW.NS:

• 360 ONE WAM LTD MARCH-QUARTER CONSOL PROFIT 2.89 BILLION RUPEES

• 360 ONE WAM LTD MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 11.15 BILLION RUPEES

• 360 ONE WAM LTD - APPROVES DIVIDEND OF 6 RUPEES PER SHARE

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;))

April 20 (Reuters) - 360 One Wam Ltd ONEW.NS:

• 360 ONE WAM LTD - GLOBAL ASSET MANAGEMENT RECEIVES IN-PRINCIPLE IFSCA APPROVAL AS FUND MANAGEMENT ENTITY (RETAIL)

Source text: ID:nNSE23lXwL

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 15 (Reuters) - 360 One Wam Ltd ONEW.NS:

• 360 ONE WAM LTD DEC-QUARTER CONSOL PROFIT 3.27 BILLION RUPEES

• 360 ONE WAM LTD DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 11.81 BILLION RUPEES

Source text: ID:nBSEb7rBDT

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;))

Recasts, adds source-based information throughout

By Gopika Gopakumar and Vibhuti Sharma

Jan 7 (Reuters) - TPG Capital is in talks to buy a stake of up to 20% in Indian securities firm IIFL Capital Services IIFS.NS, according to two sources familiar with the deal.

Due diligence is underway on the deal, they said. If completed, the deal could make TPG a strategic investor with a say in management decisions, marking the latest in a series of foreign bets on the Indian financial sector.

U.S. buyout group TPG TPG.O, TPG Capital's parent, declined to comment, while IIFL Capital Services did not respond to a request for comment.

Earlier on Wednesday, local newspaper the Economic Times reported that TPG was closing in on a deal to acquire 30% to 40% of IIFL Capital Services. The deal size was estimated to be in the range of 36.36 billion rupees to 48.48 billion rupees ($404.3 million to $539.1 million).

Both Reuters sources said the deal would be smaller with an initial purchase of up to 20%.

Reuters could not determine the size of the deal.

IIFL Capital Services shares rose as much as 5.3% to 411.30 rupees in early trading before paring gains to trade 1.4% higher in the afternoon session. Last year, its shares rose about 11%.

IIFL Group founder Nirmal Jain has said he plans to enter new businesses like alternative investment funds and private credit, one of the sources said.

Wealth management could also be an area targeted by the firm, the second source said.

Assets under management of the country's wealth management industry are expected to more than double to $2.3 trillion by the 2028-2029 financial year from $1.1 trillion in 2023-2024, according to a Deloitte report from last year.

(Reporting by Vibhuti Sharma and Gopika Gopakumar in Mumbai; Additional reporting by Mridula Kumar in Bengaluru; Editing by Janane Venkatraman and Thomas Derpinghaus)

((mridula.kumar@thomsonreuters.com))

Nov 4 (Reuters) - 360 One Wam Ltd ONEW.NS:

• 360 ONE WAM LTD - CO AND UBS AG EXECUTE COLLABORATION AGREEMENT

• 360 ONE WAM LTD - STRATEGIC COLLABORATION FOR CLIENT REFERRALS AND WEALTH MANAGEMENT

Source text: ID:nNSE4XWvgQ

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Oct 30 (Reuters) - 360 One Wam Ltd ONEW.NS:

• AFFIRMA CAPITAL: CO, 360 ONE ASSET AND OTHERS AGREED TO INVEST UP TO $56 MILLION IN RMSI LTD

Source text: [ID:]

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Sept 29 (Reuters) - 360 One Wam Ltd ONEW.NS:

• CONSUMMATES BUSINESS TRANSFER AGREEMENTS WITH CREDIT SUISSE, UBS AFTER APPROVALS

Source text: ID:nNSE88xyVP

Further company coverage: ONEW.NSUBSG.S

((Reutersbriefs@thomsonreuters.com;))

Aug 14 (Reuters) - 360 One Wam ONEW.NS:

• UNIT RECEIVES SEBI APPROVAL FOR SPECIALIZED INVESTMENT FUND

Source text: ID:nNSE2tsRHM

Further company coverage: ONEW.NS

(Reporting by Rudra Singh)

((RudraPratap.Singh@thomsonreuters.com;))

Aug 13 (Reuters) - 360 One Wam Ltd ONEW.NS:

• 360 ONE WAM LTD- EXPEDITING SOME MILESTONES,TIMELINES IN AGREEMENTS WITH UBS

• 360 ONE WAM LTD- AMENDMENT DOES NOT HAVE MATERIAL IMPACT ON TRANSACTIONS

Source text: [ID:]

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;))

BENGALURU, May 20 (Reuters) - Diary of India economic, corporate events on May 20

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

((Diaries@thomsonreuters.com))

** Shares of 360 ONE WAM ONEW.NS rise 4.2%, gains for second straight session post announcement of deal to buy UBS' India wealth business

** Jefferies sees deal as structural positive on wealth management side and says it offers potential to get access to institutional clients

** ONEW's ability to offer global wealth solution to its existing Indian clients and offering domestic solutions to large global client base of UBS AG is likely to drive significant edge over competitors, Citi Research says

** Both brokerages rate ONEW 'buy'

** Analysts, on average, rate ONEW at "buy"; median price target is 1,173 rupees - data compiled by LSEG

** ONEW down ~16% so far in 2025

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

Corrects headline to India wealth business, not India business

April 22 (Reuters) - Indian wealth and asset manager 360 One Wam ONEW.NS said on Tuesday that it will acquire UBS' UBSG.S local onshore wealth management business in a deal valued at 3.07 billion rupees ($36 million).

($1 = 85.2000 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Jacqueline Wong)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

** Shares of wealth and asset manager 360 One Wam ONEW.NS rise as much as 5% to 990.60 rupees

** Co says it will consider fundraising via issuance of shares or warrants

** Stock on track to rise for a fourth straight session, gaining about 20% in the period

** Nearly 2.5 mln shares traded, double their 30-day avg

** Stock down 25% so far in 2025 compared to a 23.5% drop in peer UTI Asset Management UTIA.NS

(Reporting by Nishit Navin)

((nishit.navin@thomsonreuters.com;))

April 16 (Reuters) - 360 One Wam Ltd ONEW.NS:

• TO CONSIDER ISSUE OF SHARES AND/OR WARRANTS

Source text: ID:nBSE9DbtDr

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

April 15 (Reuters) - 360 One Wam Ltd ONEW.NS:

• INDIA COMPETITION REGULATOR: APPROVES PURCHASE OF STAKE IN AKASA AIR BY PI OPPORTUNITIES FUND, CLAYPOND CAPITAL PARTNERS, 360 ONE

Source text: [ID:]

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;))

April 11 (Reuters) - 360 One Wam Ltd ONEW.NS:

• TO CONSIDER FUND RAISING OF UP TO 2.50 BILLION RUPEES VIA DEBT SECURITIES

Source text: ID:nBSE7R8xrr

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 17 (Reuters) -

• HSBC AND UBS EXPAND INDIA WEALTH MANAGEMENT ARMS AFTER IPO BOOM- FT

• UBS IS LOOKING TO ACQUIRE SHARES IN ONE OF INDIA’S LARGEST WEALTH MANAGEMENT COMPANIES 360 ONE- FT

Source: https://tinyurl.com/5b4987pa

((Reuters.Briefs@thomsonreuters.com;))

** Shares of wealth management company's 360 One Wam ONEW.NS rise 4.3% to 1,053 rupees on expectations of gains from its recent acquisition of B&K Securities

** The company's management reiterated confidence in the growth potential from the acquisition in a meeting with brokerages on February 24

** Brokerages see the B&K acquisition as a positive move to enhance ONEW’s capital market services

** Centrum Broking expects equity broking revenue to grow from 700 million rupees or 3% of total revenue, to 2 billion rupees or 9% of total revenue with B&K’s contribution

** Jefferies starts coverage with a "buy", while Motilal Oswal sees potential for a strong research-backed brokerage platform

** Citi predicts higher profitability due to an expanded wealth client base

** The average rating from 11 analysts is “buy,” with a median target price of 1,170 rupees, 11.1% above the current level - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Adds details, background from paragraph 3

Feb 6 (Reuters) - India's Akasa Air said on Thursday it is raising fresh capital from the investment offices of Wipro WIPR.NS founder Azim Premji and Manipal Hospitals Chairman Ranjan Pai, as well as funds of wealth management firm 360 ONE ONEW.NS.

The airline, among India's newest carriers, did not disclose any financial terms.

It said late Indian billionaire Rakesh Jhunjhunwala's family would also pour additional capital into the airline. The family is one of the biggest backers of the low-cost carrier.

Akasa, which flies a fleet entirely made up of Boeing 737 MAX aircraft, is in a regulatory soup over alleged rule violations, including those on training guidelines.

The carrier flies to 22 domestic and 5 international cities with its operational fleet of 27 MAX single-aisle jets. It has 226 more aircraft on order with Boeing.

Akasa ended 2024 with a market share of 4.6%, making it India's third-largest airline after IndiGo INGL.NS and the combined Air India group – which together control nearly 90% of India's domestic aviation market.

"Akasa Air continues to be well-capitalised, and these investments allow us to secure enduring, sustainable growth, with a financial safeguard to weather any unexpected challenges, thus reinforcing our readiness for the future," finance chief Ankur Goel said.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** IIFL Finance IIFL.NS rises 3.3%; wealth management firms 360 One Wam ONEW.NS and 5paisa Capital PAIS.NS gain 4.7% and 3.4%, respectively

** Income tax authorities have concluded searches at their premises, IIFL Finance, 360 One Wam and 5paisa Capital say

** IIFL rated "strong buy", ONEW rated "buy" on avg; PAIS not rated - LSEG

** YTD, ONEW's ~18% loss steepest among three; IIFL and PAIS down ~12% and ~15%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Feb 4 (Reuters) - 360 One Wam Ltd ONEW.NS:

• INCOME TAX DEPARTMENT CONCLUDES SEARCH AT 360 ONE WAM

Source text: ID:nBSElgF2Q

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 28 (Reuters) - 360 One Wam Ltd ONEW.NS:

• NSE LEVIES PENALTY OF 1.2 MILLION RUPEES

Source text: ID:nNSE8PL36r

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 27 (Reuters) - 360 One Wam Ltd ONEW.NS:

• BTSL RECEIVES SEBI APPROVAL FOR ACQUISITION OF MONEYGOALS SOLUTIONS

Source text: ID:nNSE12KR5B

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 23 (Reuters) - 360 One Wam Ltd ONEW.NS:

• BTSL RECEIVES SEBI APPROVAL FOR ACQUISITION OF MONEYGOALS SOLUTIONS

Source text: ID:nNSE4tYVY4

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 22 (Reuters) - 360 One Wam Ltd ONEW.NS:

• BOARD TO CONSIDER EQUITY SHARES, WARRANTS ISSUE

Source text: ID:nBSE3r7Fyv

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

Oct 21 (Reuters) - 360 One Wam Ltd ONEW.NS:

• SEPT-QUARTER CONSOL NET PROFIT 2.45 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 8.63 BILLION RUPEES

Source text for Eikon: ID:nNSE6chCvd

Further company coverage: ONEW.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of wealth management firm 360 One Wam ONEW.NS rise 4.3% to 1,066.35 rupees

** Stock has gained about 6% this week, eyes first weekly gain in four and set to snap longest weekly losing streak since May 2023

** Bulk of the gains after UBS initiates coverage of ONEW with "buy", TP of 1,250 rupees on Wednesday

** UBS expects core profitablity to register 22.7% CAGR (compound annual growth rate) in the next three years

** Says valuations remain attractive with market still underestimating ONEW's EPS growth potential

** The mean rating of the 10 analysts tracking ONEW is "buy"; median price target is 1169.50 rupees - LSEG data

** ONEW shares up 50% in 2024 so far, outperforming a 21% rise in Nifty 500 index .NIFTY500 of which it is a constituent

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))