Aviva NDB net profits up 11% to Rs. 773mn


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, the insurer said in a statement.

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 reached 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," explained Shah Rouf, Managing Director of Aviva NDB Insurance.

"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," stated 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".

"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.

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