Aviva Life posts 29% growth in H1

Hyderabad: Aviva Life, a joint venture company with the Dabur Group, posted a 29 per cent increase in its business in the half year ended June 30, 2007.



The total sales increased to £221 million in the first six months of 2007 as against £173 million in the comparable period in 2006. The company has not disclosed the operating profits in the region.

‘`The life operating profit (on European Embedded Value -EVV basis) increased 24 per cent with growth across all regions (including strong growth from Asia) on worldwide sales growth of 25 per cent to £19,294 million inclusive of general insurance and asset management businesses,” Philip Scott, Group Finance Director, Aviva Plc told Business Line in a teleconference from London on Thursday.

However, the global operating profit of the UK-based major decreased by 8 per cent to £1,541 million in the first six months of the current year as against £1,699 million in the comparable period previous year.

This was due to 34 per cent decrease in general and health insurance profits in the UK market on account of bad weather, he added.

According to Simon Machell, Chief Executive, Aviva (Asia), the company had put in place a new business model to operate on a regional basis. This would drive business further in potential growth regions such as Asia-Pacific, he added.

On the plans for India, Bert Paterson, Managing Director (India and Sri Lanka) said the growth momentum in Indian market was expected to continue. The company would add 4,000 more personnel to current 27,000 strong direct sales force in the country, he said.

Source: The Hindu Business Line