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HDFC ERGO General Insurance Company

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HDFC ERGO General Insurance Company Limited
Company typeJoint venture
IndustryFinancial services
HeadquartersMumbai, Maharashtra, India
Key people
Anuj Tyagi (MD)
ProductsInsurance
General insurance
Health insurance
Vehicle insurance
Travel insurance
Home insurance
Accidental insurance
Commercial Insurance
Rural insurance
RevenueIncrease ₹8,149 crore (US$960 million) (2022)[1]
Increase ₹474 crore (US$56 million) (2022)[1]
Increase ₹500 crore (US$59 million) (2022)[1]
Total assetsIncrease ₹32,118 crore (US$3.8 billion) (2022)[1]
Number of employees
8,976 (2022)[1]
ParentHDFC Bank
Ergo Group
Websitewww.hdfcergo.com

HDFC ERGO General Insurance Company Limited is an Indian insurance company. It is a joint venture firm between HDFC and ERGO International AG. It is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector.[2] The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance, and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurance policy.

History

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HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited.[3] ERGO became a 49% stakeholder in the Company in 2000.[4] In June 2019, HDFC announced plans to acquire a 51.2 percent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO.[5]

In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance)[5] merged with the company after the receipt of final approval from the Insurance Regulatory and Development Authority of India (IRDAI) making it the second-largest private insurer in the accident and health insurance business.[6] With this merger, the company's product suite expanded to over 50 in this segment.[5]

In May 2021, Housing Development Finance Corporation (HDFC), entered into a share purchase agreement for the sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.[7]

References

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  1. ^ a b c d e "HDFC ERGO General Insurance Company Ltd. Financial Statements" (PDF). hdfcergo.com.
  2. ^ "HDFC Ergo launches centre of excellence for AI". The Times of India. 25 July 2023. ISSN 0971-8257. Retrieved 21 August 2023.
  3. ^ "CCI approves HDFC's additional stake buy in HDFC ERGO General Insurance". BusinessLine. 20 June 2023. Retrieved 21 August 2023.
  4. ^ "Munich Re's Ergo to raise stake in joint venture with HDFC for Rs 1,122 crore". Business Standard. 17 December 2015. Retrieved 10 July 2025.
  5. ^ a b c "Merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance complete". businessline. 13 November 2020. Retrieved 12 May 2021.
  6. ^ Kaul, Abhinav (19 November 2020). "HDFC Ergo Health, HDFC Ergo General merger: How will it impact customers?". mint. Retrieved 12 May 2021.
  7. ^ "HDFC to divest 0.62% stakeholding in HDFC ERGO". Business Standard India. 10 May 2021. Retrieved 13 May 2021.
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