Source Name: HDFC ERGO
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HDFC ERGO Announces Corporate Agency Tie-up with Federal Bank
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Mumbai, Maharashtra, India HDFC ERGO General Insurance Company, India’s leading private sector general insurance company and Federal Bank, announced tie-up for the distribution of HDFC ERGO’s range of non-life insurance offerings to the customers of the Bank through its network branches.
HDFC ERGO Announces Tie-up with Federal Bank The two entities have joined hands and entered into a corporate agency partnership to offer comprehensive general insurance products through the network of Federal Bank’s 1250+ branches spread across entire country. The Bank with its Pan India network and technological edge comes as an advantage for HDFC ERGO. Federal Bank’s deep rooted presence in Southern markets also allows the Company to strengthen its foothold within the region. Also, this enables Federal Bank to offer their customers’ a comprehensive solution for all their financial requirements under a single roof.
About HDFC ERGO HDFC ERGO General Insurance Company is a 51:49 joint venture between Housing Development Finance Corporation Ltd. (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. In August 2017, with IRDAI approval for the merger of HDFC ERGO General Insurance Co. Ltd. with HDFC General Insurance Ltd. (formerly Known as L&T General Insurance Co. Ltd.), the Company marked the first merger in the General Insurance sector. The merged entity, known as HDFC ERGO General Insurance Co. Ltd., is the third largest General Insurance provider in the private sector.
HDFC ERGO offers products like Motor, Health, Travel, Home, Personal Accident and Cyber Security Insurance in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space through its vast network of 122 branches, which spreads across 106 cities and a wide distribution network.
About Federal Bank Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,683 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs. 2.20 lakh crore as at September 30, 2018 and it has earned a net profit of Rs. 266.04 crore for Q2FY19. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 13.29% at the end of September 30, 2018. Federal Bank has its Representative Office at Dubai and Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress. |
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