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Monday 10 March 2014

HDFC Standard Life and Birla Sun Life in Race for buying Aviva Life Insurance business

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HDFC Standard, Birla Life in Race for buying Aviva Life Insurance business

 

HDFC Standard Life and Birla Sun Life are among the six insurance companies which have expressed interest in buying Aviva Plc’s Indian business Aviva Life, its venture with the Dabur group. The Burmans of the Dabur family, too, will sell their holding as multinational insurers are fast losing interest in the business in India.


“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 and Manulife are the other bidders for the business. Aviva, the UK-based life insurer, has appointed JP Morgan and Deutsche Bank to sell its stake in the Indian joint venture. The company could be valued at around Rs 5,000 crore, Burman said. However, Indian insurance companies are interested in buying the entire business, and not just Aviva’s 26%.


HDFC Life, responding to an email query, said 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. The company sells insurance through IndusInd Bank, RBS and Punjab & Sind Bank and more than 30 cooperative banks as well as and regional rural banks. It has a distribution network of 134 branches.

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