HDFC Life Announced Merger With Its Subsidiary Exide Life

After receiving final approval from the Insurance Regulatory and Development Authority of India  (IRDAI) , one of the country's top life insurers announced the merger with its fully-owned subsidiary Exide Life. The first merger and acquisition (M&A) transaction in the Indian life insurance industry has now been completed, according to this event. Exide Life had been fully acquired by HDFC Life as of January 2022. Less than 14 months passed from the time the deal was first announced in September 2021, the acquisition in January 2022, and the final merger. Customers from both companies will be able to access a greater variety of products and service touchpoints as a result of the merger.

A larger, more powerful organisation with complementary business models, a larger geographic presence, and a strong corporate culture will be advantageous to both employees and distributors. Through this transaction, HDFC Life's agency channel will grow faster and expand geographically into tier II and tier III regions. Vibha Padalkar, MD & CEO of HDFC Life, commented on the merger, saying, "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 would also like to thank our passionate and committed employees, loyal customers and distribution partners. 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 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."