Aviva Plc, today announced its plan to increase the stake in its India business to 49%. Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva with Aviva currently holding a 26% stake in the venture.
David McMillan, CEO Aviva Europe and India, said
“The increase of Foreign Direct Investment limits in India from 26% to 49% 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 the next 6 months.”
Following the announcement, Mr. Trevor Bull, MD and CEO, Aviva India said,
“With insurance penetration being a little over 3%, India presents a huge opportunity for insurers to help more people. As we develop our future material 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. We remain focused on providing the right solutions and support to a growing number of customers for their current and future needs, together with our partner Dabur, as we enter the next phase of our growth”.
Aviva was one of earliest advocates for the passage of Insurance Bill. The Bill was finally passed in the Indian Parliament in March 2015.
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and manages over £245 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.
About Aviva India
- Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva International Holdings Limited (AIH). Current paid up capital amounts to Rs 2,004.9 crore. DIC holds 74% of the share capital while AIH holds 26% of the share capital.
- The Aviva India media centre at www.avivaindia.com/media includes images, company and product information and a news release archive.