| Although Aviva wants to be among the top five in the Indian insurance market, it has, at present, decided not to enter the general insurance market. However, it is looking at entering the pension market as a fund manager. |
| Grant Barrans, director, Aviva Life International, said, "India is an important market for us and it a more ordered market than many others in the world. The regulator is a source of stability here." |
| Aviva Life Insurance garnered actual premium equivalents of Rs 185 crore in 2004-05, a year-on-year growth of 155 per cent. It has 34 branches in 27 cities and bancassurance tie-ups with five banks including Punjab & Sind Bank, Lakshmi Vilas Bank and Canara Bank. |
| Aviva India may also hike its capital base from Rs 320 crore at present, to Rs 400 crore by January 2006. |
| "There were reports that the Indian partners in many insurance companies may have a problem if capital infusion is required. But that is not the case with our Indian partner, Dabur," Stuart Purdy, managing director, Aviva Life Insurance, India said. |
| Aviva Life Insurance is a 26:74 joint venture between Aviva and Dabur. Awaiting the increase in FDI limit, Purdy said that once it is done, Aviva would be keen to bring in around Rs 320 crore to increase its stake to 49 per cent. |
| However, the Indian general insurance market is something that Aviva is not ready to enter at this point of time. |
| "India is not a very mature market with regard to general insurance. We would, therefore like to stick to markets where we can dominate," Grant Barrans said. |
| Besides, pricing flexibility is also an issue with this market, he added. He, however, also said that even if detariffing is allowed, Aviva would not, at this point of time, like to enter the general insurance market. The correspondent's trip was |
Top Section
Explore Business Standard