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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka AIA insurance unit net up 12-pct

Sri Lanka AIA insurance unit net up 12-pct

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 08, 2013 (LBO) - Sri Lanka's Aviva NDB Insurance, a unit of American International Assurance, said profits rose 7 percent to 514 million rupees helped by strong investment income and better underwriting.

The firm reported earnings of 17.13 rupees per share. For the full year to December the insurer reported earnings of 26.01 rupees per share of total profits of 780 million rupees, up 12 percent.

The stock traded at 304.90 rupees up 4.70 Thursday.

In the December quarter gross premium fell 6 percent to 2.9 billion rupees. Investment income rose 78 percent to 1.03 billion rupees.

In the full year to December gross premium fell 15 percent to 8.9 billion rupees.

But the company said in a statement that general insurance made a profit of 53 million rupees.

Investment income rose 45 percent to 4.0 billion rupees for the full year.

"I believe our company is in very good shape to meet the opportunities in 2013 and beyond," chairman Huyn Thanh Phong said.

Life holders were declared a 195 million rupee surplus. A dividend of 75 million rupees was declared down from 275 million rupees a year earlier.

"We are extremely bullish about the future prospects and opportunities in the market and will be retaining earnings to invest in a number of growth initiatives," managing director Shah Rouf said.

AIA bought the firm from Avia and Sri Lanka's NDB Bank group last year. It is expected to be re-named AIA Insurance Lanka Plc.
http://www.lbo.lk/fullstory.php?nid=1439853678

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