HDFC ERGO General Insurance Company
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| Private Limited | |
| Industry | InsuranceWebsite |
| Headquarters | Mumbai, India |
| Products | Private Car, Health, Travel, Two Wheeler, Personal Accident, Home, Commercial, Rural |
| Website | http://www.hdfcergo.com |
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Footnotes / references |
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Headquartered in Mumbai, India, HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG, a Germany-based company that is part of the Munich Re Group. HDFC holds 51 per cent , and ERGO the other 49 per cent. Founded in the year 2002, the firm operates in 89 Indian cities with over 109 branches and 1,900 staff members.
HDFC Ltd. and ERGO International AG joined their forces to form a general insurance joint venture company, named HDFC ERGO General Insurance Company Limited with its headquarter in Mumbai. Under the agreement, ERGO, acquired 26 per cent share, the rest being held by HDFC .The firm is a Public Company and is categorized as Indian Non-Government Company. The company’s authorized share capital is Rs. 6,000,000,000 and its paid up capital is Rs. 5,386,202,600.
Over the years, the company has expanded its reach to approximately all the major cities of India with millions of customers already on board.
Ritesh Kumaris Managing director and CEO
During its initial years the company saw a slump and recorded an underwritten Gross premium of Rs. 196.78 crores (FY 2006-07) as against Rs. 206.89 crore in the previous year (FY 2005-06). The company made a strong come back and escalated it GWP to Rs.239.69 crores (FY 2006-07). Ever since, HDFC ERGO has shown an outstanding performance and made many amendments to its product offerings and services. The company now marks a GWP of Rs.3,257 crores at the end of FY 2014-15 registering a growth rate of 9.5 per cent. The overall market share of HDFC ERGO General Insurance Company Limited has also gone up from 1.1% in FY 2008-09 to 4% in FY 2014-15.
The company has expanded its services into an array of insurance segments and accounts for 47 per cent of the total business revenue earned by HDFC Ltd. Over the years, the company’s overall market share has grown from 1.1 per cent in FY 2008-09 to 4 per cent in FY 2013-14.
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