Friday Nov 15, 2024
Friday Nov 15, 2024
Thursday, 2 June 2011 00:17 - - {{hitsCtrl.values.hits}}
The financial results of AVIVA NDB Insurance presented at the end of the first three months of 2011 yesterday 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% over the corresponding period in 2010.
Total Gross Written Premium income of Rs. 2,808 million recorded a growth of 35% compared to the previous year clearly illustrating the continued strength of the company after its transformation. Investment linked products contributed 55% to the GWP of Rs. 2,073 million of the Life business which recorded a commendable growth of 59% over last year. General insurance reported a GWP of Rs. 735 million which reflected a 5% 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.
Commenting on the results Aviva NDB Chairman T.R. Ramachandran said: “We successfully pioneered investment-linked products and are now able to reap the benefits of this innovative step. This quarter we launched a new range of Life insurance products with the flagship product offering a pension for everyone. The new range is designed to truly meet long term savings, protection and health insurance needs of our customers.”
Ramachandran further confirmed Aviva Group’s stated strategy of prioritising investments in its largest markets where it has strength and scale and added: “At a time of changing capital regulations it is a sensible allocation of our resources but it does not translate into an exit of all other smaller markets. AVIVA NDB is a good combination of a growth business that is also self-financing and cash generative. Our investment in Sri Lanka was at the height of the conflict looking forward to a brighter future, and that continues to be the case as evident in our strong business performance.”
Aviva NDB Insurance Managing Director Shah Rouf said: “The professionalism of AVIVA NDB Wealth Planners is evident by the increase of our topline in the first quarter of 2011, exactly one year after the company experienced a major brand and distribution transformation. We are now focusing on improving our underwriting and claims management and can look forward to delivering the performance planned for 2011.”
Aviva is the world’s sixth largest insurance group, serving over 53 million customers across Europe, North America and Asia Pacific. Aviva’s main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £47.1 billion and funds under management of £402 billion at 31 December 2010. Aviva is the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe.
NDB Group is one of the largest financial conglomerates in Sri Lanka, operating regionally in Maldives and Bangladesh. The Group offers project finance, corporate banking, SME lending, retail banking, investment banking, stock broking, wealth management and insurance solutions under one roof. NDB Bank has an AA (lka) rating by Fitch Ratings Lanka and is amongst the best in the industry reflecting the bank’s strong financial profile in terms of its capital base, profitability and asset quality. NDB Bank is one of the highest capitalised private sector commercial banks in Sri Lanka.
Aviva denies exit rumours
At a time of changing capital regulations it is a sensible allocation of our resources but it does not translate into an exit of all other smaller markets. AVIVA NDB is a good combination of a growth business that is also self-financing and cash generative. Our investment in Sri Lanka was at the height of the conflict looking forward to a brighter future, and that continues to be the case as evident in our strong business performance
- Aviva NDB Chairman T.R. Ramachandran
