Prism Johnson agreed on 2 March to sell its 51% stake in Raheja QBE General Insurance to Australia's QBE for Rs324 crore, giving QBE sole ownership of the Indian non-life insurer.
Why QBE Insurance Group Limited is buying Raheja QBE General Insurance Company Limited (51% stake)
QBE said sole ownership would let it pursue new product and operational innovation in India, which it regards as an important growth market. For Prism Johnson, a cement and building-products company, the sale ends its joint venture in general insurance.
Deal terms and financing
The consideration of Rs324 crore is subject to adjustments at completion under the share purchase agreement. Raheja QBE contributed Rs498.91 crore of revenue, 6.82% of Prism Johnson's consolidated turnover, in the year to March 2025.
Regulatory approvals and timing
The sale required approval from Prism Johnson's shareholders by postal ballot and from the Insurance Regulatory and Development Authority of India. QBE announced on 2 July 2026 that it had acquired 100% ownership following IRDAI approval (QBE announcement reproduced by Caproasia, 4 July 2026).
Market context
Raheja QBE was formed in 2007 as a joint venture between the Rajan Raheja group and QBE. Business Standard reported that the deal was the first in which a foreign insurer would own all of a domestic Indian insurer after the government allowed 100% FDI in the sector.
