HDFC ERGO General Insurance Company Ltd

Indicative price history

Key highlights

• Third-largest private general insurer; HDFC Bank 50.2% and ERGO International AG (Munich Re) 49.6% at June 2026.
• FY25: PAT ₹500.2 Cr (+14.3%), GWP about ₹16,230 Cr, net worth about ₹5,202 Cr, solvency 2.0x (2.18x at June 2026).
• 2021 HDFC-to-ERGO transfers at ₹536 and ₹562 a share are the last disclosed transaction prices.
• No live UnlistedZone price; wwipl's undated ₹369 (lot 100) used as a fallback — about ₹26,780 Cr market cap, 54x FY25 earnings.

About HDFC ERGO

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Bank (which inherited HDFC Ltd's stake in the July 2023 merger) and ERGO International AG, the primary insurance arm of Germany's Munich Re. It writes motor, health, travel, home, crop, property, marine, liability and rural insurance through HDFC Bank's branch network, agents, brokers, digital partners and its own channels, and is consistently among the three largest private general insurers in India by gross premium. The company absorbed L&T General Insurance in 2016–17 and HDFC ERGO Health (the former Apollo Munich Health Insurance) in 2020, which made it a leading retail health writer alongside its motor book.

Incorporated on 10 December 2007 as HDFC General Insurance Company Limited (CIN U66030MH2007PLC177117 — to be verified) and renamed after ERGO joined in 2008, the company has about 72.6 crore equity shares of ₹10. HDFC Bank held 50.2% and ERGO International AG 49.6% at 30 June 2026 (ICRA); the remaining 0.2% is with employees and legacy holders, which is the only stock that reaches the unlisted market. The last large transfers were HDFC's sales to ERGO at ₹536 a share in May 2021 (4.99% for about ₹1,906 Cr) and a 0.62% sale at ₹562 a share later that year. The board is chaired by Keki Mistry; Anuj Tyagi has been MD and CEO since May 2024 (succeeding Ritesh Kumar); ERGO nominates directors from Munich Re's international business. Names and DINs below are indicative pending the annual report.

Financials (press and ICRA rationales): for FY25 the company reported profit after tax of ₹500.2 Cr, up 14.3% from ₹437.6 Cr in FY24; gross written premium of about ₹16,230 Cr (Credila/HDFC group data); net worth of about ₹5,202 Cr (₹4,448 Cr at March 2024); and a solvency ratio of 2.0x after raising ₹325 Cr of subordinated debt in Q4 FY25. Reported top-line growth in FY25 was distorted by IRDAI's October 2024 change to recognising long-term premium on a 1/n basis, which is why one report shows premium falling 5.7%. ICRA's 2026 review says earnings improved in FY26 and solvency stood at 2.18x at 30 June 2026, with the FY24–FY25 profit squeeze attributed to higher motor third-party reserving. The financials table uses reported PAT, net worth and FY25 GWP; the FY24 premium, expense, investment and cash-flow lines are estimates built around those figures and should be replaced with the annual report.

Recent developments: the HDFC–HDFC Bank merger (July 2023) made HDFC Bank the 50.2% parent and the bancassurance anchor; ICRA reaffirmed AAA on the subordinated debt and the company issued ₹325 Cr of fresh sub-debt in early 2025; IRDAI's composite-licence and 100% FDI reforms (2025) and the 1/n accounting change reshaped reported growth; health and motor remained the growth engines while crop volumes were trimmed. No IPO has been announced — both parents have said listing is not on the agenda.

Valuation at the listed rate: UnlistedZone's page for HDFC ERGO is stale (it shows no price since August 2021), so the rate used is wwipl's last traded ₹369 (undated; its lifetime range is ₹363.80 in May 2022 to ₹370 in November 2022; lot 100) — a fallback that is almost certainly years old and is flagged as such. At ₹369 on 72.58 Cr shares the implied market capitalisation is about ₹26,780 Cr — about 54 times FY25 profit and 5.1 times March 2025 book value, against ICICI Lombard at roughly 35–40 times and 6–7 times, and the 2021 HDFC–ERGO transfers at ₹536–562 (then about 5.3 times book). Virtually no float exists, so any dealer quote is a negotiated, infrequent trade.

Verification status (10 Oct 2026): identity, ownership percentages (ICRA, June 2026), FY25 PAT, net worth and solvency (Business Standard, Credila data, ICRA) and the 2021 transfer prices (NSE filing, UnlistedZone blog) are from press, rating and filing snippets; the CIN, incorporation date, registered office, board names, employee count, FY24 premium, expense lines, investments, borrowings and cash flows are from memory or estimated and must be checked against the annual report. No current UnlistedZone or other dated 2026 dealer price was found; the ₹369 wwipl figure is stale.

Where the revenue comes from

• Motor (own damage & third party)35%

  Largest line; motor TP reserving drove FY24–FY25 profit pressure (estimate)

• Health, travel & personal accident30%

  Retail health strengthened by the 2020 HDFC ERGO Health merger (estimate)

• Crop & rural15%

  PMFBY crop insurance, volumes being trimmed (estimate)

• Property, marine, liability & commercial20%

  Fire, engineering, marine and liability lines (estimate)

Products & services