HDFC Ergo Health Insurance

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HDFC ERGO Health Insurance Company Limited
Apollo Munich Health Insurance Company Ltd
Private Limited
Founded2020 Edit this on Wikidata
HeadquartersGurgaon, India
Area served
Key people
Mr.Anuj Tyagi
(MD & CEO)
ProductsHealth Insurance Accident Insurance Travel Insurance
Number of employees
4500+ (January 2020)
ParentHDFC Limited & ERGO ( Munich Re )

HDFC ERGO HEALTH Insurance Company Limted ''HDFC ERGO'' is a 51:49 joint venture firm between HDFC (Housing Development Finance Corporation) and ERGO International AG, one of the insurance entity of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The company offers products under the health and personal accident insurance categories.

HDFC ERGO Health Insurance Company Ltd. is a private sector health insurance company in India. Founded on 8 August 2007 with a joint venture between Apollo Hospitals Group & Munich Re Group, one of the insurance entity in Germany.

On 19th June 2019 Apollo Hospitals sold its 51.25% shares in Apollo Munich health insurance to HDFC (Housing Development Finance Corporation)

The country's largest mortgage lender HDFC Ltd on 1st January 2020 said the company and its subsidiary HDFC ERGO have got approvals for completing the acquisition of the majority shareholding in Apollo Munich Health Insurance Co Ltd. According to the acquisition deal, HDFC has acquired a stake in Apollo Munich Health Insurance from the Apollo Hospitals Group for Rs 1,347 crore and will eventually go on to merge the company with its general insurance arm HDFC ERGO General Insurance.

On 9th January 2020 Apollo Munich health insurance was renamed as HDFC ERGO Health Insurance Company Limited.

HDFC ERGO Health and HDFC ERGO General will soon apply to the National Company Law Tribunal (NCLT) seeking approval for the merger of HDFC ERGO Health with HDFC ERGO General. "Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country".

HDFC Ergo Health Insurance has 180+ physical offices all over India and more than 4,500+ employees.

Post Merger to HDFC Ergo General Insurance[edit]

The proposed merger is expected to result in significant benefits to policy holders with an enhanced product suite, touch points and technology innovations. The merged entity will be a leading insurer across dimensions:

  • 3rd largest private insurer in general insurance industry with a 6.4% market share & an active policy base of ~15 Million
  • 2nd largest private insurer in the accident & health insurance segment with 8.2% market share
  • A strong base of 8,500+ employees, 300+ branches and 200+ digital offices across India
  • Cashless network of 10,000+ hospitals spread across the country


HDFC Ergo Health Insurance Company Ltd. a joint venture between HDFC Ltd. and Ergo, a subsidiary of ERGO Group; a group of insurance company owned by Munich Re. The stake holding of the two companies was in the ratio of 51.25 : 48.75 (HDFC Bank : Ergo).[1]

Apollo Munich was renamed HDFC Ergo Health Insurance in JANUARY 2020. HDFC acquired the 51.25% shares of Apollo Hospitals Group in January, 2020.[2]

Initial challenges and strategies[edit]

The domain of health insurance in India was limited to public sector companies till 1999.[3] The fixed rates, terms and conditions of the products insurers could offer were also strictly regulated.[4]

Apollo Munich Health Insurance was one of the first standalone health insurance companies to enter the market after liberalisation of the Indian insurance industry and end of the tariff regime.

The company’s initial strategy was to lay stress on innovation and target the group insurance business. But it was unable to garner a sufficient number of clients. Apollo Munich’s products “married healthcare financing with healthcare management”,[5] thus leading to higher premiums and less takers for the products. Apollo Munich’s exposure to group insurance business also resulted in a high claims ratio or loss ratio.[5]

In 2009, Antony Jacob, previously finance director of RSA Insurance Group for Middle East and Asia, joined Apollo Munich as CEO and decided to switch the company’s focus to retail insurance. He also introduced the concept of corporate healthcare management instead of standalone healthcare financing. These steps worked in favour of Apollo Munich Health Insurance. Optima Restore, a policy that automatically restores the entire sum insured, for no extra cost, in case it is used up in the policy period, won Apollo Munich the Asia Insurance Award for Innovation in 2012.[6]


  1. ^ "Apollo Munich History, Apollo DKV to Apollo Munich". Retrieved 22 September 2016.
  2. ^ SK. "APOLLO SOLD IT STAKES TO HDFC". Retrieved 22 September 2016.
  3. ^ "Insurance Regulatory and Development Authority of India Act, 1999". Archived from the original on 24 September 2016. Retrieved 23 September 2016.
  4. ^ "Effects of Liberalisation on Indian Insurance Market-An Overview by C.S. Rao". Retrieved 23 September 2016.
  5. ^ a b "Apollo Munich: Healthy profits from Unhealthy people". Forbes India. Retrieved 22 September 2016.
  6. ^ "Apollo Munich's Optima Restore wins Innovation of the Year Award". Retrieved 22 September 2016.