Business Times

AVIVA NDB revenue rises in first quarter but reports loss

AVIVA NDB Insurance recorded a significant growth in consolidated group revenue amounting to Rs 2.7 billion during the first three months ended 31 March 2010, up 42% over the corresponding period in 2009—but ended with a loss for the Group.

The company, formerly Eagle Insurance, said total Gross Written Premium income of Rs 2.08 billion recorded a growth of 34% compared to the previous year reflecting a successful transformation of the company and its sales force who are now known as ‘Wealth Planners.’

The commendable top-line performance of the group was largely driven by the 33% growth in Life insurance and 36% growth in General insurance business compared to the corresponding period in 2009, the statement from the company added.

The Group reported a loss of Rs 80 million which was attributed to brand migration investment while pre-tax profits excluding brand migration spend amounted to Rs 119 million.

“The bottom line performance for the period is marginally higher than the business plan for the period. The financial results for the quarter do not include a bottom-line contribution from the long-term insurance business as it is usual that this is determined at the end of the financial period, after the actuarial valuation is carried out,” it said.

Commenting on the company’s performance, Managing Director, Shah Rouf said; “Our results reflect a very successful transformation in line with the Aviva Group’s vision of creating ‘One Aviva – Twice the value.’ The transformed entity, AVIVA NDB, was readily accepted by all stakeholders and this became evident immediately. We are delighted that it has become an instantly recognizable brand.”

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