Aviva India Full Control
Aviva Secures 100% Ownership of India Life Unit, First Under New Foreign Investment Rules
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Key Points
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Aviva India operates a relatively small distribution footprint with only 93 branches across the country, highlighting the challenge of scaling to India's large, underinsured population.
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In the fiscal year ending March 31, 2026, Aviva Life Insurance India posted 10% growth in new business premiums to Rs 351 crore, while total premium income rose 2.8% to Rs 1,343 crore.
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Aviva has a long-standing presence in India dating back to 2000, initially at 49% ownership, increasing to 74% in 2022, with the Aviva Life Insurance joint venture formed with Dabur Invest Corp in 2001.
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India expanded foreign ownership rules for insurance in 2024, permitting up to 100% foreign ownership; the government notified this liberalised policy in May, and Aviva’s move to 100% ownership would be the first deal under this policy.
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Dabur Invest Corp will exit its more-than-two-decade association with Aviva upon completion, with Aviva gaining full control to potentially accelerate growth and allocate capital more freely.
Aviva Plc has agreed to buy the remaining 26% stake in its Indian life insurance venture from local partner Dabur Invest Corp, taking full ownership of the business. Asia Insurance Post reports the deal makes Aviva the first foreign insurer to fully own a life insurance company in India under the country's new rules.
India changed its rules in 2024 to allow up to 100% foreign ownership in insurance companies. The government officially notified the new policy in May. Aviva's move is the first deal to close under that liberalized framework, according to Coverager.
Aviva Buys Out Dabur After 24-Year Partnership
Aviva and Dabur Invest Corp formed their joint venture in 2001. Aviva started with a 49% stake. It raised that share to 74% in 2022. Now it is buying the final 26% to reach full control, according to Asia Insurance Post. The joint-venture agreement will end when the deal closes.
Dabur Invest Corp will exit a partnership that lasted more than two decades. Aviva says it does not expect the deal to have a major immediate financial impact. But it does expect greater freedom to make decisions, allocate capital, and grow faster without needing a partner's approval.
India's New Foreign Ownership Rules Open the Door
For years, foreign insurers in India could own no more than 74% of a local insurance company. India raised that cap to 100% in 2024. The change was part of a broader push to bring more foreign money into India's financial sector. Aviva's deal is the first to test those new rules, Intelligent Insurer noted.
The move fits a larger pattern. Foreign firms have been pushing deeper into Indian financial services as the country eases restrictions. India has one of the world's least-insured populations, which makes it an attractive long-term growth market for global insurers.
Aviva India Posts Growth but Faces Scale Challenge
In the fiscal year ending March 31, 2026, Aviva Life Insurance India grew new business premiums by 10% to Rs 351 crore. Total premium income rose 2.8% to Rs 1,343 crore. Those numbers show steady growth, but the business remains relatively small in a country of 1.4 billion people.
Aviva India operates just 93 branches across the entire country, according to Whalesbook. That is a thin footprint for such a vast and underinsured market. Full ownership gives Aviva the flexibility to expand distribution faster, without waiting on a joint-venture partner for sign-off on big strategic moves.
Deal Signals Growing Global Confidence in India's Market
Aviva has been in India since 2000. Its decision to go to 100% ownership is a strong vote of confidence in the country's long-term growth story. Market Screener reported that the move comes as New Delhi continues to ease foreign investment rules to attract global capital.
India's insurance market is still underpenetrated compared to developed economies. That gap represents a massive opportunity. For Aviva, owning the business outright means it can move faster, invest more freely, and capture more of that upside as India's middle class grows and demand for life insurance rises.
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