AVIVA NDB posts Rs 182 m profit in 1H
AVIVA NDB Insurance reported an outstanding growth of 61 percent in
Life business with Gross Written Premium (GWP) amounting to Rs 4,416
million at the end of first six months of 2011, compared to the
corresponding period in the previous year.
MD Shah Rouf |
Investment linked products contributed 56 percent to the Life Gross
Written Premium.
The composite business grew 39 percent to Rs 5,874 million while the
consolidated revenue grew 16 percent to Rs 6,884 million over the first
six months ending 2010.
General insurance business reported a 2 percent negative growth in
GWP over the corresponding period in 2010 due to re-pricing initiatives.
GWP for General insurance was Rs 1,457 million. There was an improvement
in the loss ratio of the General insurance business resulting in an
overall improvement in the combined operating ratio for the period under
review.
The consolidated profit after tax for the six-month period was Rs 182
million.
This excludes the surplus from the long-term insurance business
determined annually after the year-end actuarial valuation. Profit after
tax increased by Rs 309 million over the corresponding period in 2010.
The Company launched its new product range catering to pensions, savings
and investment needs of customers with AVIVA NDB Pensions as the
flagship product.
“The focus on embedding the new product suite with our Wealth
Planners and bancassurance partners will continue over the remainder of
the year,” Chairman, T.R. Ramachandran said.
“The continued commitment and efforts of our wealth planners and
strategic partners has resulted in products gathering traction” he said.
Managing Director Shah Rouf was confident that the Company is poised to
deliver satisfactory results in 2011.
“We can look forward to securing a balanced growth in business with
our new strategies in place. We envisage significant improvements in
claims management. That coupled with better underwriting results would
deliver our desired performance,” he said.
“We will consolidate our Life growth by continuing to add world class
savings and protection products to our portfolio, focus on quality
General Insurance business only and drive efficiency gains throughout
our business to ensure that the company will be well-positioned to
benefit from the positive macroeconomic dynamics of the country,” he
said. |