Private sector life insurer Aviva India on Wednesady said it is exploring possibility of entering into asset management business.
"As part of our expansion strategy in Asia Pacific and keeping in mind the opportunity India presents, we would like to enter into asset management business as soon as possible," Aviva India Managing Director Bert Paterson said.
However, the company is yet to decide about the structure, he said, adding the company is looking at a number of ways in which it could be set up.
"We are considering what the various options might involve, but we have no specific plans to announce at the moment," he said.
"The company has not yet engaged Securities and Exchange Board of India," he added.
Of the total 20 life insurance players, about 9 already have their asset management arm. Prominent among them include ICICI Prudential, Reliance Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund.
Mutual fund space has become highly competitive with already about 34 players operating in the market.
According to the latest AMFI data, the combined assets under management of all the fund houses stood at Rs 5,64,599.28 crore in June as against Rs 6,00,266.32 crore in the previous month.
Aviva Life Insurance, a joint venture between Aviva and Dabur, plans to increase its capital base by Rs 246.3 crore, taking the total paid-up capital to Rs 1,004.5 crore.
The insurer has a strong presence in more than 1,700 locations across India through 192 branches and close to 40 bancassurance partnerships.