AVIVA NDB records 33% growth in revenue in Q1
July 22, 2011 01:44 pm
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 LKR 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 LKR 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 LKR 2,073 million of the Life business which recorded a commendable growth of 59% over last year. General insurance reported a GWP of LKR 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 LKR 147.6 million with the bottom line performance increasing by LKR 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 Chairman of AVIVA NDB, 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”.
Shah Rouf, Managing Director of AVIVA NDB added; “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.”
Picture Caption: Managing Director, Shah Rouf
Total Gross Written Premium income of LKR 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 LKR 2,073 million of the Life business which recorded a commendable growth of 59% over last year. General insurance reported a GWP of LKR 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 LKR 147.6 million with the bottom line performance increasing by LKR 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 Chairman of AVIVA NDB, 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”.
Shah Rouf, Managing Director of AVIVA NDB added; “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.”
Picture Caption: Managing Director, Shah Rouf
