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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » AIA to acquire Aviva NDB Insurance

AIA to acquire Aviva NDB Insurance

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1AIA to acquire Aviva NDB Insurance Empty AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 12:43 am

sriranga

sriranga
Co-Admin
By The Nation

Will NDB too exit following Aviva?

The planned sale of British insurer Aviva’s stake in Sri Lanka’s NDB –Aviva Insurance is likely to be announced soon with Hong Kong based insurance giant American International Assurance (AIA) reaching the final stages of negotiations for the purchase of 51% stake held by Aviva.This is as part of Aviva, Britain’s second largest insurer’s announcement earlier to sell underperforming businesses globally partly to raise money to protect against its euro zone exposure which is bigger than that of its rivals, Reuters news wire reported earlier.

It was also reported earlier that AIA Group, Prudential Plc and Manulife Financial Corp would be the most likely bidders for Aviva’s stake in the Sri Lankan joint venture. However the sources said that a few local parties such as top business man Harry Jayawardena and Janashakthi Group also were interested in it, but Aviva had taken a policy decision to sell its stake to a major international player.

When bids were called in July seven parties had collected offer documents from Morgan Stanley in Hong Kong who were the investment bankers appointed to handle the deal, the insurance sources said.Aviva NDB Insurance which is believed to be the second largest life insurer in Sri Lanka generated 12.8 million rupees in revenue last year and earned a post-tax profit of 691.6 million rupees.

The company had a market value of Rs .8.4 billion based on Thursday’s day’s close, which would give Aviva’s 51 percent stake a valuation of Rs.4.2 billion.

The NDB Bank through its subsidiary Capital Development and Investment Company (CDIC) controls a stake of 41.6% in Aviva NDN Finance Lanka (ANFL) while Aviva Asia Holdings owns majority stake of 58.4%. ANFL in turn has a stake of 87.3% of Aviva NDB Insurance while NDB Bank independently has another stake of 5%.

At the end NDB directly and indirectly has about 41% of Aviva NDB Insurance while Aviva Asia Holdings has about 51%.

Now the question which is being asked in the market circles is whether NDB will continue to hold their stake or whether they will sell off their stake as well to the buyer of the Aviva share. (GA)
http://www.nation.lk/edition/business/item/10170-aia-to-acquire-aviva-ndb-insurance.html

http://sharemarket-srilanka.blogspot.co.uk/

2AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 10:35 am

Backstage

Backstage
Moderator
Moderator
How can you get 691 million profit from 12.8 million revenue ?

3AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 11:26 am

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Backstage wrote:How can you get 691 million profit from 12.8 million revenue ?

Perhaps revenue should read Rs 12.8. Billion ? maybe a typo but i have not checked their Annual Report.

4AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 12:21 pm

sriranga

sriranga
Co-Admin
@Backstage wrote:How can you get 691 million profit from 12.8 million revenue ?

Typo error.
Please see below.
AIA to acquire Aviva NDB Insurance Aviva10

http://sharemarket-srilanka.blogspot.co.uk/

5AIA to acquire Aviva NDB Insurance Empty AIA to buy CTCE and SLND from NDB Sun Sep 09, 2012 12:36 pm

shan


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
American International Assurance (AIA) to buy AVIVA NDB INSURANCE (CTCE) and SERENDIB LAND (SLND).
Highly expecting takeover bid price more than the market price.

AVIVA NDB announced soon with Hong Kong based insurance giant American International Assurance (AIA) reaching the final stages of negotiations.

6AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 12:41 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@shan wrote:American International Assurance (AIA) to buy AVIVA NDB INSURANCE (CTCE) and SERENDIB LAND (SLND).
Highly expecting takeover bid price more than the market price.


Huh where did this come from suddenly? Any source? What is the connection between buying an Insurance company and property company?

7AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 1:14 pm

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics
NDB AVIVA INSURANCE in the SERENDIB LAND building at colombo NDB own by SLND

8AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Sun Sep 09, 2012 1:20 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@Gainer wrote:NDB AVIVA INSURANCE in the SERENDIB LAND building at colombo NDB own by SLND

So I see they will not only buy AVIVA from NDB but they will buy their Building owning company?

How many speculations are here?


People people if this is true is there a source or are we creating further rumors from rumours.


Must be great rumors for SLND illquid share fans also.

9AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Mon Sep 10, 2012 10:32 am

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
I worked at eagle for a short time. The only property they own is the car park. The building belongs to Serendib. Last time I checked they were housed in over 5 building in the slave island area.

10AIA to acquire Aviva NDB Insurance Empty Re: AIA to acquire Aviva NDB Insurance Mon Sep 10, 2012 6:36 pm

Backstage

Backstage
Moderator
Moderator
@sriranga wrote:
@Backstage wrote:How can you get 691 million profit from 12.8 million revenue ?

Typo error.
Please see below.
AIA to acquire Aviva NDB Insurance Aviva10

Belated thanks Sri.

BTW Sidath have you checked your leg recently, I am sure it is well enough to discard those crutches and get ready for a Pampalona style run.... Smile

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