Aviva may exit life insurance biz in India
Aviva PLC may pull out of its Indian insurance joint venture with the Dabur Group, Aviva Life, valued at more than $500 million.business 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.”