AIA Sri Lanka delivers strong results for 9 months

Thursday, 10 November 2016 00:00 - - {{hitsCtrl.values.hits}}

AIA Insurance Lanka Plc yesterday announced the financial results of the company and its subsidiary for the nine months ended 30 September 2016.

Consolidated revenue increased by 21% up to Rs. 10,794 million from Rs. 8,954 million reported over the same period in 2015. This growth was mainly driven by the increase in the gross written premium (GWP) of the Conventional Life business.

Gross written premium of life insurance business increased by 22% to Rs. 7,425 million from Rs. 6,093 million reported over the same period last year. This is attributed to the favourable shift in premium mode mix and growth in business volumes.

Gross written premium of Conventional Life increased 27% to Rs. 6,720 million from Rs. 5,271 million reported over the same period in 2015.

Investment income rose by 24% to Rs. 3,513 million, benefitting from the interest rate hike and attractive yield locking.

Consolidated profit after tax of continuing business increased by 40% to Rs. 199 million from Rs. 142 million reported over the same period last year. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the profit reported during interim periods in the year.

AIA Sri Lanka Chief Executive Officer Shah Rouf said: “I am delighted to report a 40% increase in consolidated profit after tax for the nine months ended 30 September 2016. Our team continues to dedicatedly implement our strategy of building Premier Agency and Bancassurance distribution to provide our customers with the best of products and services. I am confident that we will continue to have strong delivery as we consolidate our position as a leading player in Sri Lanka’s insurance market.”

AIA Sri Lanka Chairman William Lisle said: “I am pleased to see the strong results achieved by AIA Sri Lanka. With focus on delivering profitable growth and sustainable progress through enhanced product portfolio and extended distribution reach, AIA Sri Lanka is well on course to becoming the preeminent life insurer in Sri Lanka.”