Indian life insurer HDFC Life wraps up merger with Exide Life

Indian life insurance company HDFC Life said that it has wrapped up the previously announced merger with its fully-owned subsidiary Exide Life following the receipt of the final approval from Insurance Regulatory and Development Authority of India (IRDAI).

HDFC Life closed the acquisition of Exide Life in January 2022. The deal was announced in September 2021.

Following the merger, customers across HDFC Life and Exide Life will have access to a broader set of products and service touchpoints, said the former. Besides, employees and distributors are said to gain from an enlarged life insurance organisation which has complementary business models and a broader geographical footprint.

HDFC Life added that the merger with Exide Life will expedite the scale-up of its agency channel and boost its servicing area in tier II and tier III markets.

Vibha Padalkar — HDFC Life MD and CEO, commenting on HDFC Life, Exide Life merger deal, said: “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.

“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.”