HDFC Life had acquired 100% stake in Exide Life Insurance Company from its parent Exide Industries for ₹6,687 crores.
HDFC Life Insurance has concluded the merger of Exide Life, marking the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector, the life insurer said in a statement.
HDFC Life had completed the acquisition of Exide Life in January 2022. The entire transaction–from the announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger-was completed in less than 14 months, it said.
Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touchpoints. Employees and distributors will benefit from a larger, stronger organization that has complementary business models, a wider geographical presence, and a strong ethos. This merger will accelerate the scale-up of HDFC Life’s agency channel and enhance its geographical presence in tier II and tier III markets, it added.
HDFC Life had acquired 100% stake in Exide Life Insurance Company from its parent Exide Industries for ₹6,687 crores.
