2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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HDFC Life Insurance
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Max Life Insurance
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LIC
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SBI Life Insurance
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Detailed explanation-1: -Private life insurer HDFC Life Insurance Friday said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 6, 687 crore. “The board of directors of HDFC Life Insurance Company (HDFC Life), Exide Industries and Exide Life Insurance Company…
Detailed explanation-2: -HDFC Life had completed the acquisition of Exide Life in January 2022. NEW DELHI: HDFC Life Insurance has concluded the merger of Exide Life, marking the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector, the life insurer said in a statement.
Detailed explanation-3: -The Insurance Regulatory and Development Authority of India (IRDAI) on Friday, November 25, approved the merger of Exide Life with insurance company HDFC Life, following the announcement of the deal in September 2021.
Detailed explanation-4: -About the deal: From the total deal value of Rs 6, 887 crore, HDFC Life will pay Rs 725 crore in cash, while the balance amount will be in form of shares.
Detailed explanation-5: -In January this year, HDFC Life acquired 100 per cent stake in Exide Life Insurance Company from its parent firm Exide Industries for Rs 6, 687 crore in order to increase its presence in the south India market.