“The scheme is subject to the final approval of the Insurance Regulatory and Development Authority of India in accordance with Regulation 9 of the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulation, 2013,” HDFC Life said in a statement.

Last year, HDFC Life had announced 100% acquisition of Exide Life and the subsequent merger.

It completed the acquisition from Exide Industries in January through issuance of 8.70 crore shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. Exide Industries now holds 4.1% stake in HDFC Life.

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. As on 30 June 2022, the company had 39 individual and 13 group products in its portfolio, along with 7 optional rider benefits, catering to a diverse range of customer needs.

The company reported a 20.82% jump in standalone net profit to Rs 365.29 in Q1 FY23 crore as against Rs 302.35 crore in Q1 FY22. The life insurer's net premium income surged 22.99% YoY to Rs 9271.87 crore in Q1 FY23 compared with Rs 7538.48 crore posted in the same period a year ago.