The acquisition follows recent regulatory foreign direct investment (“FDI”) changes in India, which now allow foreign insurers to increase their shareholdings in local insurance companies to 100%
This is the second deal in the Indian insurance sector in a week when a foreign insurer is buying out its local partner and taking full control of its Indfian joint venture. .
London:Taking full control of its Indian joint venture, UK based insurance multinational Aviva has signed an agreement to purchase the remaining 26 per cent share of Aviva Life Insurance Company India Limited (“Aviva India”) from Dabur Invest Corp (“DIC”), its local joint venture partner.
This will take Aviva’s ownership of Aviva India to 100% and will give Aviva full control over the strategic direction of the business.
Aviva India is currently a life insurance joint venture between DIC and Aviva which was formed in 2001.
Financial impacts of the transaction are not material to Aviva, said the insurer in a statement.
On completion of the transaction, the current joint venture agreement will be terminated. Completion will happen in due course.
The acquisition follows recent regulatory foreign direct investment (FDI) changes in India, which now allow foreign insurers to increase their shareholdings in local insurance companies to 100%.
There were similar increases in Aviva’s shareholding in 2016 and 2022 following changes to the FDI regulations.
With 25.2 million customers,the most out of life, as at 31 December 2025, total Group assets under management at Aviva Group were £454 billion.
This is the second deal in the Indian insurance sector in a week when a foreign insurer is buying out its local partner and taking full control of its Indian joint venture.
Earlier, after 18 years of partnership, QBE Insurance Group and Prism Johnson Limited announced that QBE Insurance Group Limited has become the sole owner and shareholder of Raheja QBE, following approval from the Insurance Regulatory and Development Authority of India (IRDAI).
Raheja QBE is also being renamed and will be known as QBE as part of this acquisition. This milestone reflects QBE’s commitment to the Indian insurance market. In the interim, it remains business as usual for our people, customers, partners, and stakeholders.
“We look forward to the opportunities ahead as Raheja QBE becomes a part of the QBE Insurance Group Limited,” said QBE.