ICICI Lombard General Insurance is one of India’s leading private-sector non-life insurance companies. Established in 2001, it offers a comprehensive range of general insurance products, including motor, health, travel, home, and commercial insurance.
ICICI Lombard General Insurance Company Limited’s Acquisition of Shares in HDFC Life Insurance Company Limited
Acquisition Details:
- Target Entity: HDFC Life Insurance Company Limited
- Market Capitalization: ₹1,474.27 billion (as of November 22, 2024)
- Industry: Insurance
- Purpose: Acquisition made in the ordinary course of business.
- Related Party Transaction:
- Not classified as a related party transaction.
- ICICI Lombard’s promoter and promoter group entities may hold investments or engage in business-related transactions with the target entity on an arm’s-length basis.
- Governmental or Regulatory Approvals: Not required.
- Completion Date: November 22, 2024 (during market hours).
- Consideration: Cash
- Cost of Acquisition:
- Prior to acquisition date: ₹2.33 billion
- Cumulative cost up to acquisition date: ₹2.40 billion
- Shareholding Acquired:
- Prior to acquisition date: 0.19%
- Cumulative shareholding up to acquisition date: 0.19%
Overview of HDFC Life Insurance Company Limited:
- About the Company:
- A leading provider of long-term life insurance solutions in India.
- Offers a wide range of products, including Protection, Pension, Savings, Investment, Annuity, and Health insurance solutions for individuals and groups.
- Incorporation and Presence:
- Incorporated on August 14, 2000, with its registered office in India.
- Operations are focused within India.
- Turnover History (₹ in billion):
- 2023-24: 630.76
- 2022-23: 575.33
- 2021-22: 453.96
This acquisition aligns with ICICI Lombard’s business strategy and strengthens its presence in the insurance sector.
