A finer reading of HDFC Life’s draft red herring prospectus could prompt investors to question if the mega-merger of HDFC Life and Max Life is truly a missed opportunity, particularly for HDFC Life. That may seem justified looking at the way the insurer's financials stack up against ICICI Prudential Life (I-Pru Life) and SBI Life, which are ahead in terms of income and net profit. HDFC Life’s market share has receded from 7.6 per cent in FY16 to 6.9 per cent as of July 31, 2017. The mega-merger, on the contrary, would have easily displaced I-Pru Life from its top