Aviva to take full ownership of Aviva India

Aviva has agreed to acquire the remaining 26% stake in Aviva Life Insurance Company India from Dabur Invest Corp, taking full ownership of the life insurer after more than two decades as a joint venture.

Aviva India was established in 2001 as a partnership between Aviva and Dabur Invest Corp. The transaction follows recent changes to India’s foreign direct investment (FDI) rules, which now allow foreign insurers to own up to 100% of local insurance companies.

Aviva previously increased its ownership in the business following earlier FDI reforms in 2016 and 2022. Once the latest transaction closes, the joint venture agreement with Dabur Invest Corp will be terminated, giving Aviva full control over the strategic direction of its Indian life insurance business.

The UK-based insurer said the financial impact of the acquisition is not material to the group. Financial terms were not disclosed.

India remains one of Aviva’s international markets alongside China, complementing its core operations in the UK, Ireland, and Canada.