“We are delighted to have completed the entire transaction in a short span of time. 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”
Mumbai:
HDFC Life, announced the merger with its wholly owned subsidiary Exide Life, pursuant to the receipt of the final approval from Insurance Regulatory and Development Authority of India (IRDAI).
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. Speaking on the merger Vibha Padalkar, MD & CEO, HDFC Life, said,
“We are delighted to have completed the entire transaction in a short span of time. 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. We strongly believe that this amalgamation can result in value creation for our customers, employees, shareholders and distribution partners. As one united team, our vision continues to be the most obvious choice for life insurance solutions and we do our part to insure India.”
This event marks the completion of the first ever merger and acquisition (M&A) transaction in the Indian life insurance sector.
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.