Sunday, June 12 2005 11:10 Hrs (IST) - World Time -

Istanbul: World's leading insurer Aviva Plc eyes India as the fastest growing market for its insurance business and expects the Indian arm to contribute 10 per cent of global revenues within the next 10 years.

With an aim to become the top five private players in the next few years, Aviva, which manages assets worth $500 billion worldwide, is also considering the feasibility of entering other emerging markets like Malaysia, Taiwan and Sri Lanka apart from having plans to expand in China, Aviva Life International director Grant Barrans told PTI in Istanbul today (Jun 12, 2005).

"India is very important for Aviva Plc. India is very much on the focus of our growth. We hope Aviva India contributes 10 per cent of our global revenues in next 10 year," he said.

Aviva is also planning to enter Indian pension sector when it's opened up for private players.

Aviva India, a 26:74 joint venture between Aviva Plc and Dabur India, had a premium income of Rs 185 crore in the last fiscal after it grew by over 155 per cent.

At present, Aviva India contributes less than 1 per cent of Aviva Plc global premium income.

If the FDI limit in insurance is hiked from 26 to 49 per cent, he said the contribution of India would be much larger.