- Rs. 1 CroreTerm Cover @Rs 16/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 7 Lac+Families Secured
HDFC Standard And Birla Life Bidding For Aviva Life
- DetailsWritten by PolicyBazaar -
- Hits : 5123 -
Updated date : 12 March 2014
Six companies including Birla Sun Life and HDFC Standard Life are interested in purchasing Aviva Plc's Indian business Aviva Life, the UK-based life insurer, venturing with Dabur group. Concerned with the multinational insurers losing interest in business in India, the Burmans want to sell it off as soon as they get the right valuation for their business.
JP Morgan and Deutsche Bank is responsible for selling the stakes of Aviva in the Indian joint venture where the value of the company is counted around Rs. 5000 crore. HDFC Life refused to comment on the market speculations as it avoids such situations unless there is some sort of disclosure made.
Aviva used to sell insurance policies via 30 cooperative banks including RBS, Punjab & Sind Bank etc. with a network of 134 branches. Its poor performance has drastically slipped its rank to 13th position with premium income decreasing by 11%.
New York Life and Reliance Life sold their stakes, around 26%, to Mitsui Sumitomo and Nippo Life respectively three times the embedded value, whereas, ING Life sold its stake in 25% lower for 550 crore value to Rajana Raheja of Exide in desperation to exit.
Aviva is one of the multinational insurers who are drawing back their hand and quitting their business in India because of several factors like slow growth, restriction on raising their stake above 26% or some other problem back home. ING and New York Life are two international insurers which stepped out after the insurance sector allowed entry of private and foreign companies. Even HSBC blocked its life insurance.
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