Aviva NDB revenues drop in Jan-Sept 2012
View(s):AVIVA NDB Insurance, in which the American International Assurance Company Ltd (AIA) is the biggest shareholder subject to procedural approvals, has seen consolidated revenues drop marginally by seven per cent to Rs 9.3 billion in the first 9 months of 2012 ending on 30 September.
The decline was due to a fall in sales volumes of investment linked Life products combined with prudent General Insurance pricing. Composite Gross Written Premium income for the period was Rs 6.6 billion while Life GWP amounted to Rs 4.8 billion. Conventional products contributed 60 per cent to Life GWP recording a growth of 4% over last year.
GI GWP was Rs 1.8 billion, a negative growth of 15 per cent against the same period in 2011 as the business continued to focus on improved underwriting, according to a company statement.
“Focus on quality over the last two years has resulted in an improvement in the loss ratio reported by the GI business which in turn has led to an overall improvement of the combined operating ratio,” it said, adding that the company’s consolidated profit after tax was Rs 266 million, up from Rs 56 million in the corresponding 2011 period.
Shah Rouf, Managing Director of AVIVA NDB Insurance expressed confidence in the strategies in place and looked forward to sustainable profitable growth with AIA, who subject to completion will become “our major shareholders this year”.
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