AVIVA NDB revenue tops Rs 3.6 billion

The financial results of AVIVA NDB Insurance presented at the end of the first three months of 2011 showed a significant growth in consolidated group revenue amounting to Rs 3.6 billion for the period ending 31 March 2011.

This reflects a growth of 33 percent over the corresponding period in 2010. Total Gross Written Premium income of Rs 2,808 million recorded a growth of 35 percent compared to the previous year clearly illustrating the continued strength of the company after its transformation.

Investment linked products contributed 55 percent to the GWP of Rs 2,073 million of the Life business which recorded a commendable growth of 59 percent over last year. General insurance reported a GWP of Rs 735 million which reflected a 5 percent negative growth attributed to the re-pricing of the Company's medical portfolio.

The consolidated profit after tax for the period amounted to Rs 147.6 million with the bottom line performance increasing by Rs 288 million compared to last year's first quarter.

PAT excluded the surplus from the long-term insurance business which is determined annually after the actuarial valuation included in the full year results for the financial year ending December 2011.