HDFC Standard Life Insurance Company (known as HDFC Life) and Max Life Insurance Company have agreed to merge their businesses through a composite scheme of arrangement to create India’s largest private life insurer. As a part of the transaction, Max Life will be merged into Max Financial Services and following this, the combined Max Financial Services entity’s insurance business will hive off its life insurance business into HDFC Life.
The combined HDFC Life will be valued at US$9.73 billion and have a market share of 10.8%. HDFC will own a 42.5% stake in the combined entity, while Standard Life will hold 24%, Mitsui Sumimoto 7.8%, Max Group 6.6% and Axis Bank 1.2%.
HDFC Life was already one of India’s leading life insurance companies. Max Life, a non-bank promoted private life insurer, is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance (MSI). Max Financial Services manages a 69% stake Max Life.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
