AVIVA NDB Insurance post tax profit up 11 % in fiscal 2012
View(s):AVIVA NDB Insurance says it has recorded a ‘solid performance in both Life and General insurance for the calendar year 2012.
As per unaudited results for the 4th quarter, profit after tax at the company grew to Rs. 773 million in 2012 from Rs. 694 million in 2011.
According to a company statement, investment income was close to double, increasing to Rs. 4,028 million from Rs. 2,771 million in the previous year.
Life new business premium achieved Rs. 2,128 million while 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) against Rs. 270 million in the previous year in line with the future growth strategies of the company,” it said.
“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,” noted 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. 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,” he added.
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