Bangalore, January 19, 2022:Exide Life has announced the appointment of Mr. Sanjay Vij as the Executive Director and Principal Officer with effect from 10th January 2022.
On January 1, 2022, HDFC Life Insurance Company Limited (“HDFC Life”) announced the completion of the acquisition of Exide Life Insurance Company Limited (“Exide Life”), subsequent to receiving all relevant regulatory approvals. Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs. 685 per share were allotted to Exide Industries Limited (“Exide Industries”). Exide Industries now holds 4.1% stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly.
Mr. Vij is a veteran in the life insurance industry. He joined HDFC Life in July 2001, and has since contributed to the company’s incredible growth. As the Group Head – Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels. As the CVO, he was responsible for institutionalizing and leading the EPICC values program. He was also a member of the Executive Committee (EC).
Mr. Vij brings more than 32 years of invaluable multi-industry experience in business management, performance management, business development and business strategy.
Sanjay Vij, the newly appointed ED and Principal Officer of Exide LifeInsurance, said, “I am happy to see similar ethos, drive, passion and commitment making Exide Life and HDFC Life a perfect fit. Going forward, our goals and vision remain unchanged that is to provide innovative and customer centric insurance solutions that can help our customers secure their and their family’s future, and in the process, become one of the most successful and admired life insurance companies in India.”