Money & Banking

Merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance complete

Our Bureau. Mumbai | Updated on November 13, 2020

HDFC Chairman Deepak Parekh

The merger of HDFC ERGO Health Insurance, which was earlier known as Apollo Munich Health Insurance, with HDFC ERGO General Insurance, has been completed with the approval from the Insurance Regulatory and Development Authority of India (IRDAI).

“Pursuant to approval of the merger by National Company Law Tribunal and the receipt of final approval from the IRDAI, the merger was given effect to on November 13. The merged entity is HDFC ERGO General Insurance Company,” the private sector general insurer said in a statement on Friday.

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Deepak Parekh, Chairman, HDFC ERGO General Insurance Company, said: “This marks the second successful merger in India’s general insurance sector, following the merger of L&T General Insurance and HDFC ERGO in 2017... Health insurance is expected to be one of the growth drivers for the general insurance industry, and with this merger, we are now a dominant player within the health insurance industry.”

The merger makes HDFC ERGO the second largest private insurer in the accident and health insurance business, expanding its product suite to over 50 products in this segment.

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Oliver Willmes, COO, ERGO International, and Director, HDFC ERGO General Insurance Company, said: “The merger provides us with the opportunity to grow by increasing our footprint and distribution network, in line with our strategic objective to be amongst the top private insurers in our core markets.”

HDFC had, in June 2019, announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance, with the aim to later merge it with its general insurance arm, HDFC ERGO.

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Published on November 13, 2020

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