Aviva buys remaining 26% stake in Indian life insurer

The transaction ends a joint venture with Dabur Invest Corp that began in 2001.

UK-based Aviva agreed to buy out the remaining 26% share of Aviva Life Insurance Company India Limited from Dabur Invest Corp.

This accounts for full ownership by the UK company and will give Aviva full control over the strategic direction of the insurer.

Aviva India is currently a life insurance joint venture between DIC and Aviva, which was formed in 2001. 

The acquisition comes after recent regulatory foreign direct investment changes in India, which now allow foreign insurers to increase their shareholdings in local insurance companies to 100%. 

There were similar increases in Aviva’s shareholding in 2016 and 2022 following changes to the FDI regulations. Financial impacts of the transaction are not material to Aviva.