Apollo Munich Health Insurance

Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore. HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore. On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich. "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday. The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India. Anuj Tyagi, Executive Director & Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as .

HDFC will acquire 50.8% from the Apollo Hospitals group for Rs 1,336 crore and will buy out the 0.4% stake being held by the employees for Rs 10.84 crore

In June 2019, HDFC had signed agreement with Apollo Hospitals Group to acquire its 51.2 per cent stake in the health insurance company for Rs 1,347 crore

Apollo Hospitals, in June 2019, had accorded the sale of the entire 9.96 per cent equity stake held by it in Apollo Munich Health Insurance Company Ltd.

Apollo Munich will be later merged with general insurance company HDFC ERGO, part of the HDFC group.

The new premium business would be upwards of 45 per cent, she said