AIA Sri Lanka reports revenue growth in Q1

Wednesday, 17 May 2017 00:08 - - {{hitsCtrl.values.hits}}

The Board of Directors of AIA Insurance Lanka Plc (AIA Sri Lanka) yesterday announced the financial results of the company and its subsidiaries (the Group) for the three months ended 31 March 2017.

The main highlights are:

Consolidated Revenue of the life insurance business increased 24% to Rs. 3,968 million compared to the same period in the previous year, driven by the increase in conventional life business Gross Written Premium (GWP) as well as growth in investment and other income.

GWP of the life insurance business grew by 11% to Rs. 2,631 million. The growth was supported by a further improvement in premium persistency

The Conventional Life Business GWP grew by 15% compared to the same period in the previous year, to reach Rs. 2,426 million.

Investment income increased 15% to Rs. 1,273 million due to an increase in interest rates and attractive yield lock-ins.

AIA Sri Lanka Chief Executive Officer Pankaj Banerjee said: “AIA Sri Lanka had a good start in 2017 by achieving solid growth in GWP in the first quarter. We continued to stay focused on meeting customer needs through improving our product propositions as well as expanding the distribution reach and productivity of both our agency and bancassurance channels, providing a strong platform for growth.”

Meanwhile, AIA Sri Lanka Chairman William Lisle said: “I am pleased with the company’s progress in our journey towards becoming the preeminent life insurer in the country through the execution of our strategies in expanding and strengthening our distribution and bancassurance channels.”

AIA Group Ltd. and its subsidiaries (collectively AIA or the Group) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97% subsidiary in Sri Lanka, a 49% joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of $ 185 billion as of 30 November 2016.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Ltd. is listed on the Main Board of the Stock Exchange of Hong Kong Ltd. under the stock code ‘1299’ with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol ‘AAGIY’).