AVIVA NDB records highest profits

On the back drop of transformation AVIVA NDB Insurance PLC recorded a post-tax profit performance of LKR 730Mn for 2009 - the highest in the 21 year history of the company earlier known as Eagle Insurance PLC. This reflects a noteworthy growth of 58% for the year.
Total Gross Written Premiums in Life business recorded LKR 4,632 Mn – a growth of 7% which is above the 1% estimated industry growth rate. Unit-linked business recorded a top line growth of 100% year-on-year while General insurance business achieved a milestone exceeding LKR 2.5 Bn in Gross Written Premium, again for the first time in the Company’s history, recording an increase of 22% over the previous year. This too is well above the industry average growth rate which is estimated to have declined by 4%. The primary driver of General insurance growth was the Motor segment which recorded a 33% growth crossing the LKR 1 Bn mark – another first in the Company’s history. The net underwriting result in General insurance reflected a marked improvement evidenced by the COR of 99.7%, attributed to initiatives in claims management and the year’s reinsurance programme.