British insurance giant Aviva has finalized its acquisition of the remaining 26% stake in Aviva Life Insurance Company India from its joint venture partner Dabur Invest Corp, achieving full ownership.This marks a significant milestone as Aviva becomes the first foreign insurer to hold 100% stakes in an Indian insurance joint venture.The move aligns with India's regulatory changes allowing 100% foreign direct investment (FDI) in insurance, up from the previous 74% cap.

Established in 2001 through a partnership between Aviva and Dabur Invest Corp, the JV has seen incremental ownership shifts over time, including increases in 2016 and 2022 following FDI policy amendments.

Aviva emphasized that the financial impact of this acquisition is not material and noted that the existing joint venture agreement will terminate post-transaction.The decision underscores Aviva's strategic commitment to India's insurance market, aiming for full operational control and long-term growth.