Sri Lanka AIA insurance unit net up 12-pct

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.
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The firm reported earnings of 17.13 rupees per share. For the full year to December the insurer reported earnings of 26.
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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.

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9 billion rupees. Investment income rose 78 percent to 1.
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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.

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

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"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.

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"We are extremely bullish about the future prospects and opportunities i

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