New Delhi: HDFC Life Insurance has concluded the merger of Exide Life with the completion of merger and acquisition (M&A) transaction for the first time in the Indian life insurance sector, the life insurer said in a statement.
HDFC Life completed the acquisition of Exide Life in January 2022. The entire transaction – the acquisition in January 2022 after the deal was announced in September 2021 and the final merger – was completed in less than 14 months, it said.
Following the merger, customers of both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a large, strong organization with a complementary business model, broad geographic presence and strong ethos. This merger will accelerate the scale of HDFC Life’s agency channel and increase its geographical presence in Tier II and Tier III markets.
HDFC Life acquired 100% stake in Exide Life Insurance Company from its parent company Exide Industries 6,687 crores.
“This merger has been possible due to encouragement, timely approval 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 capabilities. “We believe this merger can lead to value creation for our customers, employees, shareholders and distribution partners,” said Vibha Padalkar, Managing Dictator and Chief Executive, HDFC Life.
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