HDFC seeks to acquire Apollo Munich

February 21 2018 by InsuranceAsia News Staff

India’s biggest mortgage firm, HDFC, has launched talks into the possibility of acquiring Apollo Munich Health Insurance.

This comes as HDFC has adopted a strategy that aims to pursue growth through acquisitions, people familiar with the matter said.

HDFC, which is also one of the contenders to buy Start Health and Allied Insurance, has set its eyes on Apollo, which also has a common joint venture partner with HDFC — Ergo, which is part of the Munich Re group.

Back in January of last year, Munich Re announced transferring the primary health business to Ergo.

Based on the present composition details, Apollo holds 51% in the joint venture with Munich Re holding the remaining 49%.

HDFC officials have already met multiple times with members of Apollo to discuss a potential stake purchase, which is still in the preliminary stages.