HDFC ERGO General Insurance Company
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Founded Date 1 January, 1900
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Sectors Insurance/Broking
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Posted Jobs 1
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Viewed 172
Company Description
HDFC ERGO General Insurance Company
HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited. ERGO became a 49% stakeholder in the Company in 2015. In June 2019,HDFC announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO.[2]
In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance)[2] merged with the company after the receipt of final approval from the Insurance Regulatory and Development Authority of India (IRDAI) making it the second-largest private insurer in the accident and health insurance business.[3] With this merger, the company’s product suite expanded to over 50 in this segment.[2]
In May 2021,Housing Development Finance Corporation (HDFC),had entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.[4]