AVIVA NDB revenue down in first half 2012
View(s):Consolidated revenues at AVIVA NDB Insurance in the first half of the year to 30th June 2012 fell to Rs 5.8 billion, the company said in a media statement. “The drop in revenue was driven by reduced sales volumes of investment linked Life products and a continued focus on the prudent pricing of General Insurance (GI). Gross Written Premium Income of the composite business was Rs 4.4 billion for the first half of the year,” it said.
Consolidated post-tax profit for the period under review was reported at Rs 163 billion, excluding the surplus from the Life business which is determined annually after the year-end Actuarial valuation and included in the audited accounts at the end of the financial year in December.
However the media statement didn’t give any 2011 first half figures of the turnover, earnings and general insurance GWP for comparison with the 2012 period. The GWP was Rs 1.3 billion, down 15% compared to the first half of last year. It said Life GWP amounted to Rs 3.17 billion with conventional products contributing 59 per cent.
Company Chairman T.R. Ramachandran said, “We are confident that improvements in underwriting and claims management will continue to deliver a satisfactory performance over the remainder of the year.” Managing Director, Shah Rouf noted that, “ A key focus in the second half of 2012 will be on new Life product developments to meet emerging customer needs and an undiminished emphasis on quality GI business”.
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