Angel One Partners Livwell To Float Digital-First Insurance Co

SUMMARY

Angel One will own a 26% stake in the proposed JV and LivWell Holding Company Pte Ltd will own the remaining 74%

The deal, which is subject to regulatory approvals, will see a capital infusion of INR 400 Cr in the proposed entity

While former regional CEO of Prudential Asia Wilf Blackburn has been proposed to chair the JV, Livewell CEO Nikhil Verma will be appointed as the CEO of the new entity

Online broking giant Angel One plans to form a joint venture (JV) with Singapore-based Livwell to float a “digital-first” life insurance company.

Angel One will own a 26% stake in the proposed JV and LivWell Holding Company Pte Ltd will own the remaining 74%. The two companies will also invest 400 Cr in the proposed entity.

The proposed JV will be incorporated on receiving all the approvals, including the one from the Insurance Regulatory and Development Authority of India (IRDAI).

The JV will leverage LivWell’s expertise in the insurance and financial sectors, while Angel One will bring its network effects and user base to the table.

Angel One is looking to leverage its strong distribution network to increase the insurance penetration in the country. Notably, the stock broker’s active client base stood at 32.47 Mn at the end of June 2025.

In a statement, Angel One said that former regional CEO of Prudential Asia, Wilf Blackburn, has been proposed to chair the JV and Livewell CEO Nikhil Verma will be appointed as the CEO.

“… This partnership also deepens our offerings across the financial lifecycle— bringing us closer to delivering a seamless, end-to-end experience across savings, investing and protection. The products sourced from this JV will help strengthen our digital distribution framework for the protection segment, further fortifying our long-term association with our clients,” said Angel One group CEO Ambarish Kenghe.

With the JV, Angel One aims to plug the gap in the Indian insurance sector, which is still marred by low penetration levels. Despite the global average of 7% to 8%, the insurance penetration levels in the country currently stand at 4.2%.

Besides looking to capitalise on the burgeoning opportunity that the insurance sector provides in India, the JV will also allow Angel One to diversify its revenue streams at a time when the stock broking segment in the country is seeing intense competition.

While Jio Financial Services is firming up its stock broking plans after getting SEBI nod to offer the services, MobiKwik also forayed into the segment recently. Flipkart-backed super.money is, too,looking to enter the burgeoning stock broking market.

This is part of the larger trend of Indian fintech companies, including PhonePe, CRED, and BharatPe, looking to offer a gamut of services after carving out a niche in a particular subsegment.

At the heart of this push is the growing Indian fintech market, which is expected to be a $2.1 Tn opportunity by 2030.