Aviva completes the acquisition of an additional 23% share in Aviva India

 

avivaNew Delhi, May 3, 2016: Aviva plc (“Aviva”)today announced that it has completed1 the acquisition of an additional 23% share in Aviva Life Insurance Company India Limited from its joint venture partner Dabur Invest Corp (a part of the Dabur Group) (“Dabur”).

The acquisition follows recent regulatory changes which allowed Aviva to increase its shareholding to 49%, being the maximum permitted under India’s foreign direct investment limits (“FDI”). The transaction is expected to have a neutral impact on Aviva’s IFRS Net Assets. In 2015, Aviva India contributed £36m to Aviva’s IFRS Net Assets2and £4m to Aviva’s Profits3

  1. Completion occurred on 29 April 2016
  2. Represents Investment in Associate at 31 December 2015 for Aviva’s 26% share of Aviva India
  3. Represents Aviva’s share of profit before tax in Aviva India for the year ended 31 December 2015
 
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