AVIVA NDB records 61 percent growth in first half

AVIVA NDB Insurance reported a growth of 61 percent in Life business with Gross Written Premium (GWP) amounting to Rs 4,416 m at the end of first six months of 2011, compared to the corresponding period in the previous year.

Investment linked products contributed 56 percent to the Life Gross Written Premium. The composite business grew 39 percent to Rs 5,874 m while the consolidated revenue grew 16 percent to Rs 6,884 m over the first six months ending 2010.

General insurance business reported a 2 percent negative growth in GWP over the corresponding period in 2010 due to re-pricing initiatives. GWP for General Insurance was Rs 1,457 m. There was an improvement in the loss ratio of the General insurance business resulting in an overall improvement in the combined operating ratio for the period under review.

The consolidated profit after tax for the six-month period was Rs 182 m. This excludes the surplus from the long-term insurance business determined annually after the year-end actuarial valuation. Profit after tax increased by Rs 309 m over the corresponding period in 2010.