AVIVA NDB Insurance in solid performance
The 2012 Financial Results announced by AVIVA NDB Insurance, reported
a solid performance in both Life and General insurance. Timely
enhancements in products, underwriting and operating model allowed the
company to deliver commendable financial results in what has been the
most challenging year for the Sri Lankan economy since the end of the
protracted internal conflict.
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Huynh Thanh Phong |
Shah Rouf |
As per the unaudited results as at Q4, profit after tax for the
company grew from Rs 694 million in 2011 to Rs 773 million in 2012. The
investment income was close to double, increasing from Rs 2,771 million
in the previous year to Rs 4,028 million. Life new business premium
achieved an admirable Rs 2,128 million and Gross Written Premium was at
Rs 6,496 million. The Life surplus declared was Rs 195 million. General
insurance performance in 2012 was outstanding, delivering a positive
underwriting result of Rs 53 million. AVIVA NDB Insurance declared a
total dividend of Rs 75 million (at Rs 2.50 dividend per share) versus
Rs 270 million in the previous year in line with the future growth
strategies of the company.
“We are extremely buoyant about the future prospects and
opportunities in the market and will be retaining earnings to invest in
a number of growth initiatives,” said Shah Rouf, Managing Director of
AVIVA NDB Insurance.
The year under review has been a significant one for the company. The
company was the first insurer to publish Sri Lanka Financial Reporting
Standards (SLFRS) compliant financial statements. Winning a Gold HRM
Award as one of the top 10 companies in the country with best HRM
practices and a Silver Effies Award for communications on the Health
Insurance product launched during the year were accolades that provided
external validation of the company’s stature.
“Our company experienced a milestone year in 2012 with many
achievements, the most noteworthy being the historic acquisition by
Asia’s leading life insurer AIA.
Aviva’s corporate governance and discipline coupled with our business
was a critical factor in attracting the interest of AIA. Becoming AIA is
not just about a change of name.
It is about building on our achievements and getting the best from
being part of the most dynamic insurance group in the world, “ said Shah
Rouf.
Huynh Thanh Phong, who has taken over the Chairmanship of the
company, after the acquisition said “AIA believes that doing the right
thing, in the right way, with the right people is the key to realizing
opportunities and sustainable growth. I believe our company is in very
good shape to meet the opportunities in 2013 and beyond.”
He reiterated “We have top quality talent in our people, we are a
more focused business, our Board has been refreshed and we are
enthusiastically executing a clear strategy for delivering value for our
business partners, Wealth Planners, employees, shareholders and our
customers”.
Having secured the requisite statutory approvals, AVIVA NDB Insurance
will soon be re-named as AIA Insurance Lanka PLC. |