Sri Lanka Aviva unit March net Rs147.6mn

May 06, 2010 (LBO) – Sri Lanka’s Aviva NDB Insurance made a net profit 147.6 million rupees in the March 2011 quarter compared with a loss of 80 million rupees the year before, a stock exchange filing said. Total revenues rose 33 percent to 3.6 billion rupees.

Aviva NDB Insurance group’s gross written premium income was up 35 percent to 2.8 billion rupees, while re-insurance premium fell 33 percent to 185 million, resulting in a net written premium income of 2.6 billion rupees, up 45.6 percent.

The group’s earnings per share in the March quarter were 4.92 rupees, compared with a loss of 2.68 rupees in the same period last year.

Claims rose to 1,093 million from 952 million rupees.

Investment income was almost static, at 978 million rupees compared with 975 million rupees the year before.

Aviva NDB Insurance group’s March quarter gross assets rose six percent to 33.6 billion rupees from the beginning of the year.

Aviva NDB Insurance, formerly known as Eagle Insurance, was taken over by Aviva Insurance of the UK, the world’s sixth largest insurance company, in January, 2010.

Investment linked products contributed 35 percent to the gross written premium of 2,073 million