On October 13, HDFC Life Insurance Company notified stock exchanges that Exide Life Insurance Company Limited’s merger with itself had been given final approval by the Insurance Regulatory and Development Authority of India (IRDAI). With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.
“We further wish to inform you that the Insurance Regulatory and Development Authority of India vide its letter dated October 13, 2022, has provided its final approval to the Scheme in accordance with the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013,” HDFC Life said in a regulatory filing.
Exide Life worked through an agency-based distribution model with a strong presence in south India covering tier II and III cities. This came as a complement for HDFC Life to expand its market and bolster proprietary distribution.