UK-based Aviva Plc, UK’s largest insurer with business across Europe, Asia and Canada, is planning to increase its stake in Aviva India to 49 per cent, the company said on Thursday. It did not disclose the deal value.
Aviva India, in which Aviva currently holds 26 per cent, is a joint venture between the firm and Dabur Invest Corp (DIC) which holds 74 per cent.
“The increase of foreign direct investment limits in India from 26 per cent to 49 per cent has made the Indian insurance market much more attractive. We intend to increase our stake in the Aviva India joint venture business. We are finalising our application to do this and expect to complete within six months,” said David McMillan, CEO of Aviva Europe and India.
Aviva provides life insurance, general insurance, health insurance and asset management to 34 million customers, across 16 markets globally.
“With insurance penetration being a little over 3 per cent, India presents a huge opportunity for insurers to help more people. As we develop our future growth plans, we plan to support customers’ changing patterns of life by introducing more relevant products that satisfy all customer life stages; widen our digital platform to improve both distribution capabilities and how we interact and serve customers as well as increasing the breadth of customers we serve,” said Trevor Bull, MD and CEO, Aviva India.
Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and manages over £245 billion in assets.