ICICI Lombard buys 0.19% stake in HDFC Life for Rs 233 crore

Private General insurer ICICI Lombard General Insurance Company Ltd said it has acquired a 0.19% equity stake in HDFC Life Insurance Company Ltd for Rs 233 crore. The transaction, executed during market hours on November 22, 2024, was made through cash consideration.

HDFC Life Insurance, a prominent player in the insurance sector, has no related party links with ICICI Lombard in this acquisition. ICICI Lombard clarified that its promoter and promoter group entities may have existing business transactions with HDFC Life on an arm's length basis.

 HDFC Life Insurance Company Ltd is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solution .

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Shares of ICICI Lombard General Insurance Company Ltd ended at Rs 1,837.50, up by Rs 31.75, or 1.76% on the BSE.

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