Company Overview of Aviva Life Insurance Company India Ltd.
Aviva Life Insurance Company India Ltd. provides life and health insurance products and services in India. It offers individual plans in the areas of child, savings, retirement, protection, investments, health, and rural; and group plans, such as term plans, gratuity/leave encashment, and rural/credit protection plans. The company also provides online products, as well as fund management services. It serves customers via its sales force (financial planning advisers) and distribution networks (branches). The company was incorporated in 2000 and is based in Gurgaon, India. Aviva Life Insurance Company India Ltd. operates as a subsidiary of Dabur India Ltd.
Sector Road, Opp Golf Course
DLF Phase V
Gurgaon, 122 003
Founded in 2000
Key Executives for Aviva Life Insurance Company India Ltd.
Chief Investment Officer and Director of Fund Management
Compensation as of Fiscal Year 2014.
Aviva Life Insurance Company India Ltd. Key Developments
Max Life Drops Bid For Aviva Life
May 26 14
Max Life Insurance Company Limited has pulled out of the bid to acquire Aviva Life Insurance Company India Pvt. Ltd. A source close to the development told Financial Chronicle that the two private life insurance players, HDFC Standard Life Insurance Co., Ltd. and Birla Sun Life Insurance Company Limited, have entered a non-binding agreement with Aviva plc (LSE:AV.) a few weeks back. “We did not see value in the deal,” said a source in Max Life Insurance. According to a person close to the development, Aviva Life is looking at a valuation of INR 50 billion, while its embedded value is estimated to be around INR 18 billion. “Aviva has a good back-book and a strong franchise in the south besides a robust distribution strength comprising agency, online and corporate relationship tie-ups. But they are asking for too much,” said an official with one of the bidders. A mail sent to Aviva Life director Mohit Burman, who represents Dabur, did not elicit any response. Top officials of Aviva Life, HDFC Life and Birla Sun Life refused to comment.
Aviva plc Looking To Sell Aviva Life Insurance
Apr 18 14
Aviva plc (LSE:AV.) has shortlisted Birla Sun Life Insurance Company Limited (Birla Sun Life), HDFC Standard Life Insurance Co., Ltd. (HDFC Life) and Max Life Insurance Company Limited to sell its 26% stake in Aviva Life Insurance Company India Pvt. Ltd. (Aviva India), a person with knowledge of the matter said. The Burmans, the majority shareholders of Aviva India, may also tag along and sell their stake because the family feels the investment has been underperforming, the person said. The three shortlisted companies, which are among six that had initially bid for the stake, are interested in buying the entire business, and not just the 26% that Aviva holds, the person added. Mohit Burman did not reply to messages. Aviva had appointed JPMorgan and Deutsche Bank to manage the share sale. Executives at HDFC Life and Birla Sun Life, who spoke on condition of anonymity, said their companies are among the shortlisted bidders.
Aviva Life Got Interests From Bidders
Mar 11 14
HDFC Standard Life Insurance Co., Ltd. and Birla Sun Life Insurance Company Limited are among the six insurance companies which have expressed interest in acquiring stake in Aviva Life Insurance Company India Pvt. Ltd. a joint venture between Aviva plc (LSE:AV.) and Dabur India Ltd. (BSE:500096). The Burmans of the Dabur family, too, will sell their holding. "We have received bids from six companies, both existing and new," said Mohit Burman, Chairman of Aviva Life. "If the valuation is right, we may look at exiting from the business, too." Two people familiar with the development said Samsung Life Insurance Co., Ltd. (KOSE:A032830) and Manulife Holdings Berhad (KLSE:MANULFE) are the other bidders for the business. Aviva has appointed JP Morgan and Deutsche Bank to sell its stake in Aviv Life which could be valued at around INR 50 billion, Burman said. However, Indian insurance companies are interested in buying the entire business, and not just Aviva's 26%. HDFC Life, responding to Economic Times telling that it doesn't comment on market rumours or media speculation, and it doesn't intend to comment on such matters unless some kind of disclosure is warranted.
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