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April 18, 2015 5:11 PM ET

Insurance

Company Overview of Aviva Life Insurance Company India Ltd.

Company Overview

Aviva Life Insurance Company India Ltd. provides life and health insurance products and services. It offers individual plans in the areas of savings, retirement, protection, investments, health, and rural, as well as individual plans for children; and group plans, such as term plans, gratuity/leave encashment, and rural/credit protection plans. The company also provides fund management services; and online products. It serves customers through its sales force (financial planning advisers) and distribution networks in India. The company was incorporated in 2000 and is based in Gurgaon, India. Aviva Life Insurance Company India Ltd. operates as a subsidiary of Dabur India Ltd.

Aviva Tower

Sector Road, Opp Golf Course

DLF Phase V

Sector 43

Gurgaon,  122 003

India

Founded in 2000

Phone:

91 12 4270 9046

Fax:

91 12 4257 1195

Key Executives for Aviva Life Insurance Company India Ltd.

Chief Financial Officer
Chief Operating Officer
Chief Investment Officer and Director of Fund Management
Chief Risk Officer
Senior Vice President of Internal Audit
Compensation as of Fiscal Year 2014.

Aviva Life Insurance Company India Ltd. Key Developments

Aviva Life Insurance Announces Management Changes

Aviva Life Insurance announced the appointment of Mr. Trevor Bull as the Chief Executive Officer and Managing Director for its operations in India. Mr. Bull will join as the MD & CEO in January, 2015. He takes over from Mr. TR Ramachandran, who led Aviva India since October, 2008. Mr. Bull has more than 35 years of experience in the insurance industry across Asia and Europe. In his career span, Mr. Bull has held key leadership positions in Zurich Insurance Malaysia Berhad, The Philippine American Life & General Insurance Company, Tata AIG Life Insurance, AIG Life Korea, ALICO Tokyo and Lutine Assurance Services Limited, Birmingham.

Max Life Drops Bid For Aviva Life

Max Life Insurance Company Limited has pulled out of the bid to acquire Aviva Life Insurance Company India Pvt. Ltd. A source close to the development told Financial Chronicle that the two private life insurance players, HDFC Standard Life Insurance Co., Ltd. and Birla Sun Life Insurance Company Limited, have entered a non-binding agreement with Aviva plc (LSE:AV.) a few weeks back. “We did not see value in the deal,” said a source in Max Life Insurance. According to a person close to the development, Aviva Life is looking at a valuation of INR 50 billion, while its embedded value is estimated to be around INR 18 billion. “Aviva has a good back-book and a strong franchise in the south besides a robust distribution strength comprising agency, online and corporate relationship tie-ups. But they are asking for too much,” said an official with one of the bidders. A mail sent to Aviva Life director Mohit Burman, who represents Dabur, did not elicit any response. Top officials of Aviva Life, HDFC Life and Birla Sun Life refused to comment.

Aviva plc Looking To Sell Aviva Life Insurance

Aviva plc (LSE:AV.) has shortlisted Birla Sun Life Insurance Company Limited (Birla Sun Life), HDFC Standard Life Insurance Co., Ltd. (HDFC Life) and Max Life Insurance Company Limited to sell its 26% stake in Aviva Life Insurance Company India Pvt. Ltd. (Aviva India), a person with knowledge of the matter said. The Burmans, the majority shareholders of Aviva India, may also tag along and sell their stake because the family feels the investment has been underperforming, the person said. The three shortlisted companies, which are among six that had initially bid for the stake, are interested in buying the entire business, and not just the 26% that Aviva holds, the person added. Mohit Burman did not reply to messages. Aviva had appointed JPMorgan and Deutsche Bank to manage the share sale. Executives at HDFC Life and Birla Sun Life, who spoke on condition of anonymity, said their companies are among the shortlisted bidders.

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