Aviva considers India arm sale

Aviva may pull out of its Indian insurance joint venture, valued at more than £325 million, as the insurer retreats from markets where it has struggled to expand.

The company, which aims to cut costs by £400m by year-end, is hiring advisers to find buyers for its 26 per cent stake in Aviva Life, its venture with Dabur Group. The insurer is considering various options, including selling its stake to Dabur Group if it fails to find a foreign buyer.

Aviva would be the third foreign insurer to quit India since 2012, stymied by regulations that restrict foreign ownership and fierce political opposition to changing those limits.