Some people familiar with the matter were quoted by Reuters as saying that Aviva is searching for corporate advisors to sell its stake in Aviva Life, its venture with Dabur Group.

The life insurance JV is expected to be valued at over $500m.

One of the sources told the news agency that Aviva is exploring various options including the divestiture of its stake to Dabur Group if it could not find a suitable buyer.

If the UK-based insurer attempts materialize, it would be the third foreign insurer to exit India’s insurance market since 2012.

The insurer’s possible exit comes at a time when the government is seeking to raise foreign direct investment cap in the insurance sector to 49%.