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HDFC Standard, Birla Life compete to acquire Aviva Life in India

HDFC Standard Life and Birla Sun Life are reportedly among the six insurance firms, who are competing to acquire Aviva Life, a joint venture between UK's Aviva and Dabur group in India.

Aviva

Aviva Life chairman Mohit Burman was quoted by The Economics Times as saying, "We have received bids from six companies, both existing and new."

"If the valuation is right, we may look at exiting from the business, too."

Two people familiar with the development told the publication that Samsung Life and Manulife are the other potential suitors for the business.

Aviva has selected JP Morgan and Deutsche Bank to help in divesting its 26% stake in the Indian life insurance joint venture.

It is believed that the bidders are interested to acquire the whole life insurance company and not only Aviva’s share, the company is likely to be valued at approximately INR50bn ($817.9m).

Having a distribution network of 134 branches across about 1,000 towns and cities, Aviva Life markets its insurance products through IndusInd Bank, RBS and Punjab & Sind Bank and more than 30 cooperative banks as well as and regional rural banks.

 

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Image: St. Helen’s, Aviva’s world headquarters in London. Photo: courtesy of Colin.