Aviva India has announced its financial results for the first half of FY25, showcasing steady progress across key metrics. Building on its robust FY24 performance of ₹90 crore in profit, the company is on track to surpass this benchmark, driven by strategic initiatives, customer-centric innovations, and operational efficiencies that continue to bolster its market position and financial health.
The Assets Under Management (AUM) grew by 13% to ₹14,636 crore in H1 FY25, reflecting prudent fund management and growing investor trust. Additionally, sales quality saw a notable improvement, with "complaints per 10K policies" reducing from 10.3 in H1 FY24 to 8.8 in H1 FY25, underscoring Aviva India's commitment to enhancing customer experience.
The Gross Written Premium (GWP) for H1 FY25 stood at ₹548 crore, reflecting flat growth compared to ₹546 crore in H1 FY24, while operational efficiency significantly improved. The Opex-to-GWP ratio declined to 27% from 30% last year, demonstrating a focus on cost optimization and streamlined resource management.
Aviva India's product mix reflects a growing focus on protection, with the share of protection products increasing as compared to H1 FY24. This aligns with Aviva India's strategy to diversify its portfolio and cater to evolving customer needs.
The claim settlement ratio, a critical trust indicator, stood at an impressive 98.98%, further cementing Aviva India's reputation for reliability and commitment to policyholders.
The company recorded a profit of ₹63 crore, a 25% increase from ₹50 crore in the same period last year. The solvency ratio rose to 194% from 189% in H1 FY24, demonstrating financial stability and a strong commitment to policyholders. Net worth increased by 16% to ₹749 crore.
Aviva India's extensive distribution network includes over 5,600 trained insurance professionals and a widespread presence across 52 offices nationwide, enabling the company to effectively serve its diverse customer base.
Sharing his thoughts on the financial achievements and business performance in H1 FY25, Asit Rath, MD and CEO, Aviva India said "The first half of FY25 has been a testament to Aviva India's resilience, adaptability, and unwavering focus on delivering value across all stakeholders—customers, sellers, and shareholders. Our sustained growth in profitability, bolstered by our signature customer-centric products and operational efficiencies, reflects our ability to thrive in a dynamic market environment. The increase in share of Protection Plans in the Product mix and an improved Opex-to-GWP ratio highlight the success of our innovative product strategies and prudent management practices. As we continue to evolve, our vision extends beyond financial growth. We are committed to fostering financial security and holistic well-being for our customers by championing healthy habits and designing accessible solutions for untapped segments. The upcoming launch of our low-ticket-size insurance product and comprehensive term plan reinforces this commitment, paving the way for greater inclusion and deeper penetration across India. Together, we are building a future where every Indian feels empowered, protected, and ready to thrive in an ever-changing world."
Looking Ahead
Aviva India is set to introduce a transformative brand positioning in the upcoming quarter, emphasizing the critical role of wellness in achieving financial security. This shift aims to inspire customers and stakeholders alike to prioritize healthier habits, resonating with the company's vision of holistic personal and financial well-being.
Innovative products in the pipeline include a low-ticket-size insurance offering designed to cater to underserved masses, a comprehensive term plan providing robust protection solutions and a Protection plan for diabetic patients. These initiatives address the unique needs of diverse customer segments while strengthening Aviva India's position as a trusted partner in achieving financial security.
Aviva will continue its efforts to increase awareness and adoption of insurance in the state of Uttarakhand, where it has been nominated as the lead insurer by IRDAI. This initiative reflects Aviva's dedication to serving underserved regions by driving grassroots engagement, tailored insurance solutions, and community empowerment. Through this focused approach, Aviva aims to bridge the insurance gap in the state, fostering greater financial inclusion and security for the region's population.
