The Non-Life company, Allianz Insurance Lanka Ltd., recorded 33%YoY growth in Gross Written Premium (GWP) at Rs.1.493 billion during the period under review,with a Profit After Tax (PAT) of Rs. 13 million despite expenditure on expansion.
The Life company, Allianz Life Insurance Lanka Ltd., registered a 7% YoY growth in GWP, ending the quarter at Rs.277 million with an impressive growth of 23% in annualized new business fueled by Universal Life Products which contributed Rs. 174 million. The PAT stood at Rs.24 million which marked a continuation of making profits since last quarter 2016.
Commenting on the company’s performance during the quarter, Surekha Alles, Chief Executive Officer – Allianz Lanka, said, “I’m excited to report that we have recorded a positive start to FY 2017 with both the life and non-life businesses registering steady growth.Our efforts to expand our retail network around the country were instrumental in helping Allianz Insurance Lanka Limited register impressive growth in GWP. This together with the uniqueness of our products has helped us gain the confidence of customers and grow the business. The parent company Allianz SE’s capital infusion of Rs.405 million too contributed to the non-life business’ growth numbers. Allianz Life Insurance Lanka Limited was able to consolidate its market position with a focus on recruitment and new business creation under its new leadership in sales. Energized by these results, we look forward to continuing to grow our business through FY 2017.”
Prevailing high interest rates together with the company’s prudent investment strategy helped drive 70% and 17% growth in investment income in the non-life and life businesses, respectively. The non-life business’ investment portfolio grew by 23% YoY to Rs.2.301 billion while the life business’ investment portfolio grew by 34% YoY to Rs.2,105 million.
Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE Germany, a world leader in integrated financial services. Having started out as a Greenfield operation in 2005, it has emerged as one of the fastest growing insurance service providers in Sri Lanka. The company prides on supporting its clients’ business strategy by understanding their risk profile and needs, and providing individual solutions from its world class portfolio of products and services.Around the world, over 140,000 Allianz employees serve some 86.3 million retail and corporate customers in about 70 countries, who place their trust on the knowledge, global presence, financial strength and solidity of Allianz to support them in their moment of truth.