Aviva acquires majority stake in India life venture

This is the second local life insurance venture with 74% foreign ownership.

Aviva has announced that it has acquired an additional 25% stake from its India life insurance joint venture (JV), Aviva Life Insurance Company India Limited (ALICIL).

ALSO READ: Taiwan’s non-life insurance suffers 537.1% loss in August

Aviva has acquired a 25% stake from Dabur Invest Corp., increasing its shares in ALICIL to 74%.

The transaction allows Aviva to become the majority shareholder in ALICIL

In March 2021, India amended the insurance law to increase the ceiling on foreign direct investment in insurance companies from 49% to 74%.

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