Mumbai:
HDFC Limited, has completed the acquisition of 50.80 per cent share of Apollo Hospitals Group, in Apollo Munich Health Insurance Company Ltd. (Apollo Munich) for Rs 1,485.14 crore and 0.36 per cent shareholding held by employees for Rs 0.67 crore.
After the HDFC deal, HDFC ERGO Health(earlier known as Apollo Munich) and HDFC ERGO General will shortly be applying to the National Company Law Tribunal (NCLT) seeking approval for the merger of HDFC ERGO Healthwith HDFC ERGO General. Post-merger, the resultant entity will be the second largest private insurer in Accident & Health segment in the country.
AnujTyagi, executive director & chief business officer at HDFC ERGO General Insurance Company Limited(HDFC ERGO General) has been appointed as the new Managing Director & CEO ofHDFC ERGO Health, subject to approval from the IRDAI.
Commenting on behalf of Munich Re Group, Dr. Markus Rieß, Chairman, ERGO Group AG and Member of the Board of Munich Re, said, “The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry. Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations.”
Deepak Parekh, chairman of HDFC,said, “We welcome the policyholders, channel partners and employees of Apollo Munich to the HDFC Family. This presents us the opportunity to continue our growth journey in the insurance space. We are committed to create value for all our stakeholders with the combined strength of theBrand HDFC and expertise of Apollo Munich in health insurance.”
ShobanaKamineni, Chairperson, Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise Limited said, “With the expertise of Apollo Group and our partners Munich Re, we have created one of the finest health insurance companies in India, focused on providing innovative and world class products & services, to our customers. I am happy to pass on the baton to HDFC, under whose umbrella, I am confident that the company will become stronger.''
AnujTyagi, MD & CEO, HDFC ERGO Health Insurance, said “This is a momentous milestone for us. We would like to assure the policyholders and channel partners of Apollo Munichofcontinuity, highest standards of customer service experience and access to a wider range of products and a network of 10,000+ cashless hospitals.”
The acquisition was approved by the Competition Commission of India (CCI), the Reserve Bank of India and the Insurance Regulatory and Development Authority of India (IRDAI). Subsequent to this approval, Apollo Munich Health Insurance Company Limited has been renamed as HDFC ERGO Health Insurance Limited (HDFC ERGO Health) and will operate as a subsidiary of HDFC Limited.Speaking on this occasion,