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HindustanTimes Sat,19 Apr 2014

Aviva may exit life insurance biz in India

Reuters  Hong Kong/Mumbai, August 06, 2013
First Published: 02:44 IST(6/8/2013) | Last Updated: 02:45 IST(6/8/2013)

Aviva PLC may pull out of its Indian insurance joint venture with the Dabur Group, Aviva Life, valued at more than $500 million.

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The 26% stake sale is part of the British insurer’s plan to retreat from less-profitable markets where it has struggled to expand, people familiar with the matter said on Monday.

Aviva, which aims to cut costs by £400 million ($611 million) by year-end, is in the process of hiring corporate advisers to find buyers, sources said.

The insurer is considering various options, including selling its stake to Dabur Group if it fails to find a foreign buyer.

When contacted, a Aviva spokesperson said, “We don’t comment on market speculations or rumours as a policy.”

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