HDFC ERGO buys L&T General Insurance Company Ltd

Q.  Which company has acquired L&T General Insurance?
- Published on 06 Jun 16

a. HDFC ERGO
b. HDFC Bank
c. GIC
d. Max Healthcare

ANSWER: HDFC ERGO
 
HDFC ERGO General Insurance Co. Ltd, the non-life insurance joint venture between HDFC Ltd and ERGO International of Germany, said that it will acquire L&T General Insurance Co. Ltd in an all-cash deal worth Rs.551 crore. Promoter Larsen & Toubro Ltd (L&T) will exit the general insurance business via the deal.
  • L&T General Insurance, which began operations in October 2010, sells auto, business, home and health cover.
  • The company, with a paid-up share capital of Rs.705 crore, saw a gross written premium of Rs.483 crore during the year ended 31 March, which is 40% higher compared with the previous year.
  • The company has 28 offices served by 800 employees. For the year ended 31 March, the company’s net-worth stood at Rs.142 crore.
  • The insurer, a joint venture between India’s largest home finance company and Germany’s ERGO International, is currently the fourth largest general insurer in the country.

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