HDFC Life announces completion of Exide Life merger

Mumbai, Oct 15 HDFC Life, one of India's leading life insurers, today 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 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.

The entire transaction – from announcement of the deal in September 2021 followed by the acquisition in January and the eventual merger – was completed in less than 14 months. Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos. 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 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."