Aviva is on course to becoming the first foreign insurer to hold 100% stake in an insurance joint venture in India with the British insurer on Thursday announcing plans to acquire the remaining 26% stake in Aviva Life Insurance Company India from its joint venture partner.

It has signed an agreement to purchase the 26% in Aviva India from its local joint venture partner Dabur Invest Corp. This will take Aviva’s ownership of Aviva India to 100% and will give Aviva full control over the strategic direction of the business, the insurer said on Thursday.

Aviva’s announcement comes in the backdrop of India notifying earlier this year the government’s decision to permit 100% foreign direct investment (FDI) in insurance from the earlier limit of 74%.

The life insurance joint venture, between DIC and Aviva, was formed in 2001. Aviva said the acquisition, of 100% stake, follows recent regulatory FDI changes in India, which now allow foreign insurers to increase their shareholdings in local insurance companies to 100%. Aviva’s had previously increased its shareholding, in the JV, in 2016 and 2022 following changes to the FDI regulations.

Without disclosing financials of the latest acquisition price, Aviva said the financial impacts of the transaction are not material. On completion of the transaction, the current joint venture agreement will be terminated. Completion will happen in due course, it said.

Published - July 09, 2026 10:02 pm IST