British insurer Aviva becomes the first foreign company to fully own its life insurance business in India, according to multiple reports. The company is moving to full ownership after India permits 100% foreign direct investment (FDI) in insurance, allowing foreign insurers to hold complete stakes in local life insurance ventures.
The outlets report that Aviva is acquiring the remaining equity interest by buying the stake currently held by Dabur, as part of its plan to convert its India life joint venture into a wholly owned operation. With the change in ownership structure, Aviva is positioned to operate its India life business with full foreign ownership.
While details of the transaction terms are not fully specified in the brief summaries provided, all sources agree on the core outcome: Aviva is set to become the first foreign insurer to achieve full ownership of its India life insurance entity. The change follows regulatory developments that open the sector to complete FDI for insurers.
