businessfortnight

Bengaluru:  Aviva, Britain’s biggest life insurer, said it would sell Friends Provident International (FPIL), which provides life assurance and investment products in Asia and the Middle East, to a unit of International Financial Group for £340 million ($443 million). The sale, which follows a strategic review, will allow Aviva to further reallocate capital to businesses that can bring higher returns and grow its business across Asia, the insurer said. “Aviva has concluded that the business is not central to the group’s strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage,” it said in a statement on Wednesday.

Most people look only at the returns that an investment vehicle gives. It is, however, important to consider the taxation rules as well since this will reduce the overall returns. Here’s a look at some of these.

New Delhi: ICICI Prudential Life Insurance Co. Ltd has agreed to take over the life insurance business of Sahara India Life Insurance Co. Ltd, which was effectively wound up by the regulator last month. “ICICI Prudential Life has agreed to take over the policyholders’ liabilities of Sahara Life and has already commenced valuing the liabilities of the policyholders and earmarking the matching assets of Sahara Life,” said Nilesh Sathe, member, life, at the Insurance Regulatory and Development Authority of India (Irdai). “They will transfer on their books policyholders’ liabilities and corresponding assets. We have given them three weeks to submit the valuation report, which will be reviewed by us for approval,” Sathe added. ICICI Prudential declined to comment. The administration of Sahara India Life, a subsidiary of Sahara Group, was taken over by Irdai on 12 June. On 23 June, Irdai asked the company to stop issuing new policies, the first time in its 18-year history that the regulator