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Aviva:
India is its fastest growing market
Istanbul: World's leading insurer Aviva Plc says that
India is the fastest growing market for its insurance
business and expects the Indian arm to contribute 10 per
cent of global revenues within the next 10 years.
"India
is very important for Aviva Plc. We hope Aviva India contributes
10 per cent of our global revenues in next ten years,"
Aviva Life International director, Grant Barrans, said.
Aviva is also planning to enter Indian pension sector
when it is opened up for private players.
Aviva
India, a 26:74 joint venture between Aviva Plc and Dabur
India, had a premium income of Rs185 crore in the last
fiscal after it grew by over 155 per cent.
At
present, Aviva India contributes less than one per cent
of Aviva Plc global premium income. If the FDI limit in
insurance is hiked from 26 to 49 per cent, Barrans said
the contribution of India would be much larger.
Aviva,
which manages assets worth $500 billion worldwide, is
also considering the entering other emerging markets like
Malaysia, Taiwan and Sri Lanka.
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Aviva
may pick up AMP Sanmar Life's business
Istanbul: The UK-based insurance giant Aviva Plc has
expressed it's interest in acquiring the business of AMP
Sanmar Life in the wake of AMP's recently announced plans
to exit the insurance business in India. Aviva Life International
Director, Grant Barrans, said, "We are open to acquisitions
in India. We will consider any opportunity that arises."
AMP
Sanmar Life is a 74:26 life insurance joint venture between
the Chennai-based Sanmar Group and the Australian insurance
major AMP.
Following
AMP's announcement to exit the Indian insurance market,
AMP Sanmar Life had announced that it was exploring options
for restructuring the ownership of the venture, including
outright sale to an existing or new player or bringing
in a new partner.
Aviva Life, which currently has a market share of 4.3
per cent, stands ninth among the Indian private insurance
players. It aims to garner the top five slot by 2007.
Having started its operations in the second quarter of
2002, Aviva Life currently has 34 branches spread over
27 cities across the country and has a force of financial
planning advisors (FPA) of around 5,000. It has a paid-up
capital of Rs320 crore and plans to enhance the capital
base to Rs400 crore by January next year.
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