Page 18 - Insurance Times Janaury 2021

"We had ended last year with a 25 per "paperless, secure, and hassle-free life The Aviva Life Insurance Company was
cent year-on-year growth while the insurance" to over 1.8 million originally at 26:74 alliance, but Aviva
industry had clocked a five per cent customers through digital platforms Plc acquired an additional 23% stake
growth because all our technology across 700 banking touch points in 13 from Dabur Invest Corp for INR 940 Cr
investments had paid off. We have al- states and 2 Union territories. in May 2016. Now Aviva Plc owns 49%
ways had a stated vision of growing "AU Bank has always worked with the stake in the joint venture valued at INR
higher than the industry we are core Dharma of 'customer centricity'. 4,087 Cr.
continuing to try for that. Considering Expanding our bouquet of financial Notably, Aviva initiated a process to
that we grew by 25 per cent last year services and customer value exit its Asia operations last year,
so there will be a base effect, so if we proposition, we wanted to associate valuing it at $2 Bn as part of an
can post even a flat or nominal growth with an additional life insurance organisational haul. The insurer also
rate (this year) we would be satisfied," partner to add value to our existing roped in JP Morgan to facilitate the sell
Visakha told. range of products & services while off of the Indian franchise, but there

The awareness about the need for helping our customers to plan for has been no update in this regard since
insurance, which started gaining better financial security," said Uttam then.
ground post introduction of schemes Tibrewal, executive director of AU
Small Finance Bank.
such as PM Jeevan Jyoti Bima Yojana, SBI Life Insurance acquires
has been further enhanced in the Amit Palta, chief distribution officer at
wake of the current pandemic. ICICI Prudential Life Insurance, said 8.99% stake in Paisalo
that the integration of digital
Protection and guaranteed returns Digital
platforms will ensure a "smooth, quick,
have seen a good demand. "Customer SBI Life Insurance said it had acquired
and virtually paperless on-boarding
demand will move to guaranteed experience" to customers. 8.99 per cent stake in Paisalo Digital.
product and protection product and
The transaction was for cash
that is why we launched a consideration of about ?186.20 crore,
comprehensive protection product Sachin Bansal's Navi Looks it said in a regulatory filing.
recently. Our aim has been to To Acquire Aviva, Dabur
anticipate customer demand and we Life Insurance JV It has purchased 38 lakh equity shares
will keep customer preferences in mind of the company at ?489.99 apiece, it
(while designing and selling a Sachin Bansal-led financial service further said, adding that the purchase
company Navi Technologies is
product)," she said. was done in the normal course of
reportedly looking to acquire Aviva Life business.
Insurance Company, a joint venture
AU Small Finance, ICICI Pru between UK-based insurer Aviva and "The purchase transaction was
undertaken on December 24, 2020,"
Life tie up to offer life Indian consumer goods company's
investment arm Dabur Invest Corp. SBI Life Insurance said.
insurance solutions
Bansal is said to be in advanced talks Paisalo Digital is a non-banking finance
AU Small Finance Bank announced a company NBFC providing loans to
with Aviva to take over the loss-making
strategic partnership with ICICI joint venture. Meanwhile, it is looking individuals, micro, small and medium
Prudential Life Insurance to offer life
to buy out Dabur family's investment enterprises, and to Joint Liability Group
insurance solutions.
in the venture for around INR 1,000 Cr (MFI). It has 129 branches across the
AU Banks said the tie-up aims to deliver to INR 1,200 Cr. country. T

18 The Insurance Times, January 2021