DLF and Prudential Financial Inc. Announce India Life Insurance Joint Venture

DLF, a leading real estate development company in India, and Prudential Financial, Inc. (NYSE:PRU), a financial services leader headquartered in the United States, today announced that they have agreed to establish a joint venture life insurance company in India.

Subject to regulatory approval from the Insurance Regulatory and Development Authority, the new joint venture company, DLF Pramerica Life Insurance Company Ltd. (“DLF Pramerica”), will be established in the coming months and will offer life insurance products to customers in India.

“With more than 130 years of experience in delivering life insurance and financial products around the world and an outstanding reputation, Prudential is the perfect partner to work with us to establish a market-leading and highly differentiated life insurance business in India,” said Rajiv Singh, DLF Vice Chairman. “The combination of Prudential insurance expertise and the DLF brand will provide the strongest possible foundations for DLF Pramerica to succeed in India’s rapidly growing life insurance market.”

“India’s rapid development has created new opportunities for people seeking to protect their families using life insurance products,” said Rodger Lawson, Prudential Financial’s Vice Chairman, responsible for the International Division. “We are delighted to work with a partner like DLF to deliver the benefits of life insurance products to Indian customers who for the most part continue to be under-insured and under-served.”

Under the terms of the agreement, DLF will have a 74 percent stake and PFI a 26 percent stake in DLF Pramerica.

The DLF Group is a leading name in India’s real estate industry. The Group’s existing range of business verticals spanning across the homes, offices, and shopping malls reflects an expertise gathered over a period of six decades. The group is now venturing into special economic zones (SEZs), hotels and infrastructure, which in conjunction with the three existing verticals, will contribute towards ‘Building a new India’. For more information, please visit www.dlf-group.com.

Pramerica is a brand name used in select countries by Prudential Financial, Inc. Prudential Financial, Inc. a financial services leader with approximately $616 billion of assets under management as of December 31, 2006, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential Financial is focused on helping individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. 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.

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