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New Delhi, Jan 9 () Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore.
 HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
 On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
 "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday.
 The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.
 Anuj Tyagi, Executive Director &amp; Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.
 HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.
 Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.
 "We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance," said HDFC Chairman Deepak Parekh.
 Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.
 Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.
 "The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.
 "Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations," said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.
 HDFC stock settled at Rs 1,270.80 on the BSE, up 1.09 per cent from the previous close. KPM KPM ANU
ANU

HDFC completes majority acquisition in Apollo Munich

<ul><li>HDFC acquired a 51% stake in health insurer Apollo Munich for Rs 13.36 billion.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li></ul>HDFC has acquired a 51% stake in health insurer Apollo Munich for ₹13.36 billion. The mortgage lender will merge it with its own general insurance company HDFC Ergo, making this combined entity the second largest private insurer in the accident and health segment. This merger comes after the government has been trying to formalise the plan to merge three of its general insurers---New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company to <a href="https://www.financialexpress.com/industry/banking-finance/experts-back-merger-of-new-india-assurance-national-insurance-united-india-and-oriental-india-insurance-company/1607907/">unleash economies of scale</a>. Now, private players have seem to have taken a cue to become bigger and stronger. The combined entity of HDFC Ergo and Apollo Munich will have a market share of 8.2% in health and accident segments. In the non-life insurance segments, it will have a market share of 6.4%. “The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said <keyword id="6448020" type="DEFINITION" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword>, Chairman of HDFC Ltd and HDFC ERGO General Insurance. This acquisition is subject to approval from various regulators including National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI). Munich Health Germany which is a partner of Apollo will also pay ₹2.94 billion (₹294 crore) to Apollo Hospitals Enterprise and Apollo Energy to support the transaction. “The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, Chairperson Apollo Munich Health Insurance and Vice Chairperson Apollo Hospitals Enterprise. This merger would make one player less in India’s crowded general insurance where there were 34 players, before this deal. However, the number of people who have any kind of insurance in the country are less than 3.69% of the population, according to the latest annual report from the regulator, Insurance Development Authority of India (IRDAI).

India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

New Delhi, Jan 2 () The country's largest mortgage lender <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Ltd on Thursday said the company and its subsidiary <keyword id="207030" type="COMPANY" weightage="20" keywordseo="HDFC-ERGO">HDFC ERGO</keyword> have got approvals for acquiring a majority shareholding in <keyword id="6369255" type="PERSON" weightage="20" keywordseo="Apollo-Munich">Apollo Munich</keyword> Health Insurance Co Ltd. According to the <keyword id="30334" type="ORGANIZATION" weightage="20" keywordseo="acquisition">acquisition</keyword> deal, HDFC will acquire majority stake in <keyword id="6382967" type="UNKNOWN" weightage="20" keywordseo="Apollo">Apollo</keyword> Munich from the Apollo Hospitals Group for Rs 1,347 crore and will merge the company with its arm HDFC ERGO. HDFC will acquire 50.8 per cent from the Apollo Hospitals group for Rs 1,336 crore and will buy out the 0.4 per cent stake being held by the employees for Rs 10.84 crore.
 Besides, the German insurer Munich Health will pay Rs 294 crore to Apollo Hospitals Enterprise and Apollo Energy for terminating their joint venture.
 On June 19, 2019, share purchase agreements (SPAs) in this regards were signed among HDFC ERGO General Insurance, HDFC Ltd, Apollo Munich Health Insurance (AMHI), Apollo Hospitals, Apollo Energy Co Ltd, Munich Health Holdings AG and other shareholders of AMHI with regard to acquisition of up to 51.2 per cent shareholding of AMHI by HDFC.
 The SPAs were subject to approvals from the Competition Commission of India (CCI), the Reserve Bank of India (RBI), and the Insurance Regulatory and Development Authority of India (Irdai) besides other regulatory approvals and subsequent merger of AMHI with HDFC ERGO.
 "In this connection, we wish to inform that the company (HDFC ERGO), AMHI (or Apollo Munich) and HDFC have received requisite approvals for the said acquisition from CCI, RBI and last being from Irdai on January 1, 2020," HDFC ERGO said in a regulatory filing through HDFC.
 HDFC also said, "(It) and HDFC ERGO have received all requisite approvals for the said acquisition including CCI, RBI and last being Irdai on January 1, 2020."
 It also added that after the completion of the proposed acquisition, AMHI would be merged with and into HDFC ERGO, subject to the approval of the National Company Law Tribunal.
 HDFC ERGO said Irdai has granted the approval, among others, for change of name of AMHI to HDFC ERGO Health Insurance Co Ltd or such other name as may be approved by the Ministry of Corporate Affairs.
 "In accordance with the SPA, the acquisition of shares by HDFC is expected to be completed by January 9, 2020," HDFC ERGO said.
 Stock of HDFC traded at Rs 2,449.60 on the BSE, up 0.65 per cent from the previous close. KPM HRS

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HDFC completes majority acquisition in Apollo Munich

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India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

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