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RBI has allowed HDFC Bank or HDFC to increase the shareholding to more than 50% in HDFC Life Insurance and HDFC ERGO General Insurance prior to the effective date of the HDFC Bank-HDFC merger.
HDFC held 48.65% in HDFC Life Insurance Company and 49.98% in unlisted HDFC ERGO General Insurance Company.
In April 2022, the board of HDFC approved a composite scheme of amalgamation of HDFC into HDFC Bank, and their respective shareholders and creditors. The subsidiaries and associates of HDFC will shift to HDFC Bank.
The merger is expected to close within 18 months (Q2 / Q3 FY24), subject to completion of regulatory approvals and other customary closing conditions.
HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health.
HDFC Life Insurance Company reported 15.19% increase in standalone net profit to Rs 315.22 crore in Q3 FY23 as against Rs 273.65 crore posted in Q3 FY22. Net premium income jumped 18.6% to Rs 14,379.38 crore in quarter ended 31 December 2022 as compared with Rs 12,124.36 crore recorded in Q3 FY22. Net income from investments soared 148.66% year on year to Rs 4,927.97 crore in Q3 FY23.
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