In the first six months of 2010, AVIVA NDB Insurance recorded a significant 42% growth in total Gross Written Premium (GWP) income amounting to LKR 4,230 with consolidated group revenue growing 37% to LKR 5,926 million, compared to the same period in the previous year. This augurs well for the Company that transformed from Eagle Insurance into AVIVA NDB in mid February.
The half-year's commendable top-line performance in GWP was largely driven by the 39% growth in Life insurance and 47% growth in General insurance business compared to the first half of last year. This reflected the superlative efforts of the Company's bank partners and dynamic team of Wealth Planners who are equipped with expertise to meet both Life and General insurance needs of customers.
The Group reported a loss of LKR 127 million, after taxation, attributed to the investment in the company name and brand change, from Eagle to Aviva NDB. Profit before tax excluding the expenditure on brand development amounted to LKR 268 million. Bad weather conditions that prevailed during the period resulted in a higher claims experience in the General insurance business.
There was also a prudent increase of provision for incurred but not reported (IBNR) claims arising from the increased volume and mix of new business.
The financial results for the period 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.
Managing Director, Shah Rouf said "I am pleased with the commitment and enthusiasm displayed by our Wealth Planners who as pioneers of a new category of insurance sales professionals, have been able to reap the benefits of catering to the full spectrum of a client's insurance needs, be it Life, General insurance or Investment-linked products, resulting in an exemplary performance."
Bill Lisle, Chairman, was confident of the Company's performance when the year closes and said: "At the pace we have maintained in the first half of the year it is clear that our prudent strategies are steadily paving the path to growth, resulting in prosperity and peace of mind for our customers and all other stakeholders."
source - www.dailymirror.lk
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