New Delhi: Housing Development Finance Corporation Ltd (HDFC), India’s largest mortgage financier, has received approval from Insurance Regulatory and Development Authority of India (Irdai) to acquire 51.2% stake in Apollo Munich Health Insurance – a joint venture between Apollo Hospitals and German reinsurer Munich Re Group. It will pay an additional ₹10.84 crore to employees of Apollo Munich Health Insurance Company Ltd to purchase their 0.4% stake in the company. The total deal size of ₹1,347 crore for the entire 51.2% stake values Apollo Munich Health Insurance at 1.2 times the gross written premium for fiscal 2019. HDFC runs HDFC Ergo General Insurance Co, a joint venture with Ergo International AG, the primary insurance entity of Munich Re. Separately, Munich holds 49% stake in Apollo Munich Health Insurance.

Source: Mint January 02, 2020 06:33 UTC