Business News/ Companies / News/  HDFC Life completes merger of Exide Life

NEW DELHI: 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 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 touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and 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 crore.

“This merger has been made possible due to the encouragement, timely approvals and support from our regulator – IRDAI and all other authorities involved in the process…All policyholders of Exide Life will continue to receive best-in-class service from us. All Exide Life distribution partners will now have access to HDFC Life’s market-leading products, services and digital capability. We strongly believe that this amalgamation can result in value creation for our customers, employees, shareholders and distribution partners," said Vibha Padalkar, managing dictator and chief executive, HDFC Life.

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Updated: 15 Oct 2022, 10:49 AM IST
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