Aviva may exit life insurance biz in India

  • Reuters, Hong Kong/Mumbai
  • |
  • Updated: Aug 06, 2013 02:45 IST

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

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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