Chennai, Jan 21 (IANS) Senior officials of Exide Life Insurance will have an opportunity within the HDFC Life Insurance fold as the latter is growing, said officials of HDFC Life.
It may be recalled HDFC Life had acquired Exide Life Insurance last year for Rs 6,687 crore and made it as its wholly-owned subsidiary.
According to Vibha Padalkar, Managing Director & CEO, HDFC Life, the acquired company will be merged with the former.
The integration process is underway and the acquired business will be absorbed by HDFC Life over the next 18-24 months, she said.
Queried about the rationalisation of branches, products and the head count at Exide Life, senior officials of HDFC Life said that there may not be rationalisation of head count as both the companies are growing now.
In the case of senior positions like Appoint Actuary, Chief Financial Officer or Chief Actuary in Exide Life, officials of HDFC Life assured that the group is growing and that they can find suitable positions within the group.
According to officials, Exide Life has a headcount of about 5,000 and its major operation is in the South, which is complementary for HDFC Life.
On the rationalisation of Exide Life’s branch offices and products, HDFC Life officials said some branches may have to be rationalised.
As regards the products, a detailed study will be made to see which of them would add value to the merged entity and those products will be retained.
Post the merger, the agents of Exide Life will sell the products of the merged entity.