New Delhi: Faced with a downturn in Europe, the world’s fifth largest insurer, Aviva Plc, has started exploring options to enter the non-life insurance business in India.
“We are looking at non-life business as well. Besides, the company is exploring possibility of entering into asset management business,” Aviva Plc Group Chief Executive Andrew Moss told reporters here.
Aviva Plc, the largest insurance group of the UK, is already present in India through its life venture with Dabur. The 26:74 venture between Aviva and Dabur is capitalised at about Rs1,400 crore.
Without giving specific time frame, he said the ventures will come up in due course of time.
Talking about the growth of insurance sector, Moss said the October-December quarter in term of topline growth is expected to be subdued.
However, the company is very bullish about Asia Pacific region, including emerging markets like China, India and Malaysia.
Asked when he expects the Indian venture to break even, Moss said, “The venture is expected to record profit in the next couple of years.”
Of the 20 life insurance ventures in the country, about seven players have general insurance arm. Prominent among them include ICICI Group, Reliance Capital, Tata Group, HDFC Ltd and Bharti Enterprises.
The country’s largest lender, State Bank of India, is expected to launch its non-life venture some time next year.
As far as asset management business is concerned about nine life insurers have their own AMC arms. Some of the big names include ICICI Prudential, Reliance Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund.