India’s HDFC ERGO General Insurance has merged with HDFC ERGO Health Insurance, which was previously known as Apollo Munich Health Insurance.
Both companies are the subsidiaries of India-based mortgage lender HDFC.
Following the approval by National Company Law Tribunal (NCLT) and the final approval from IRDAI, the merger took place on 13 November 2020.
The unified entity will be known as HDFC ERGO General Insurance Company. It is now the second-largest private insurer in the Accident & Health Insurance business in India, with over 50 products in this segment.
Additionally, the merger is expected to boost HDFC ERGO’s presence in the health insurance space.
HDFC ERGO General Insurance Company chairman Deepak Parekh said: “The merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance is a moment of pride for us. This marks the second successful merger in India’s general insurance sector, following the merger of L&T General Insurance and HDFC ERGO in 2017.
HDFC ERGO Health Insurance managing director and CEO Anuj Tyagi added: “The merger of HDFC ERGO Health Insurance with HDFC ERGO culminates about 10 months of efforts to integrate both the entities.
“We would like to assure our policyholders of continuity of benefits, access to wider product suite and access to digital capabilities of HDFC ERGO. Our channel partners will now have access to the combined health insurance product suite of the merged entity.”
HDFC ERGO General Insurance Company is a 51:49 joint venture between the Housing Development Finance Corporation (HDFC) and ERGO Group.
In January this year, HDFC purchased a 51% stake in Apollo Munich Health Insurance Company (HDFC ERGO Health Insurance) for INR14.95bn ($210.2m).