British insurer Aviva has completed the acquisition of another 23% interest in Aviva Life Insurance Company India from its joint venture (JV) partner Dabur Invest.
The deal increased Aviva’s stake in the Indian JV to 49% from 26%.
According to Aviva, the Indian JV contributed £36m to its IFRS net assets and £4m to its profits.
In March 2015, the Indian Government introduced a new law to allow foreign insurers to acquire up to 49% stake in local insurance ventures.
Following the revision of the regulation, the British insurer has purchased an additional stake in the Indian JV, which was established in 2001.
Aviva India has 121 branches with around 9,000 financial planning advisors across the country.
The company offers various insurance plans for individuals, including child plans, savings plans, retirement plans, protection plans, health plans and rural plans.
In addition, the firm provides group plans, comprising of term plans, gratuity or leave encashment plans and rural or credit protection plans.
Aviva offers life insurance, general insurance, health insurance and asset management services to 33 million customers in 16 markets across the globe.
Image: St. Helen’s, Aviva’s world headquarters in London. Photo: courtesy of Colin.