Aviva Life Insurance reported over two-fold growth in net profit at Rs 74 crore for the year ended March, 2012.The private sector insurer had posted a net profit of Rs 29 crore in 2010-11.
Ranked amongst the top 10 private players, Aviva India’s market share increased to 3.2 per cent in 2011-12 from 2.3 percent in the previous fiscal, as per IRDA’s report of March, 2012, the private insurer said in a release.
The total premium collected by the company recorded an increase of 3 per cent at Rs 2,416 crore over the last fiscal.
The new business premium collected by the company grew by 15 per cent to Rs 762 crore despite the poor market conditions and significant challenges faced by the sector, which has resulted in a de-growth of private players by 18 per cent in the same period.
The company has a conservation ratio at 73 per cent and a solvency.. ratio of 515 per cent.
“The profitability has been as a result of higher productivity and efficiency of our multi-channel distribution model, a strong focus on expenses and a balanced product
portfolio with a focus on protection-oriented products,” Aviva India Managing Director and CEO TR Ramachandran said.
“While Bancassurance is our core competence, we will also continue to invest in a focused, high quality agency force concentrating on customer needs,” he added.
Aviva Life will continue with the strategy of targeting young parents, given that 65 per cent of India’s population is less than 35 years of age, he said.
“We aspire to further consolidate our position in the child financial planning and protection segments,” he added.
Aviva India is a joint venture between the Dabur Group and UK-based Aviva insurance group, with a current paid up capital of Rs 2,004 crore….
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