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Aviva Life Insurance on Thursday reported a 155 per cent growth in net profit of Rs 74 crore for the year ended March 31, 2012 as compared with Rs 29 crore last fiscal.
This is the second year of declaring profits. As per IRDA report March 2012, Aviva India’s market share rose to 3.2 per cent for the year from 2.3 per cent a year ago.
The new business premium collected by the company grew by 15 per cent (on Weighted Premium Income basis) at Rs 762 crore.
The company has a conservation ratio at 73 per cent and solvency ratio of 515 per cent. Mr. TR Ramachandran, CEO & Managing Director, Aviva India said, “While Bancassurance is our core competence, we will also continue to invest in a focused, high quality agency force concentrating on customer needs.”
“Given that 65 per cent of India’s population is less than 35 years of age, we will continue with our strategy of targeting young parents. We aspire to further consolidate our position in the child financial planning and protection segments,” he added.
The company recently launched a suite of Term and Protection products and a campaign with its brand ambassador, Mr Sachin Tendulkar.
In the e-commerce space, Aviva is offering products through the internet with Aviva i-Life managing with 20,000 customers.
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