Aviva Life Insurance today 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% in 2011-12 from 2.3% 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% at Rs 2,416 crore over the last fiscal.
The new business premium collected by the company grew by 15% 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% in the same period.
The company has a conservation ratio at 73% and a solvency ratio of 515%.
"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% 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.
