Thursday Dec 12, 2024
Thursday Dec 12, 2024
Tuesday, 15 August 2017 00:10 - - {{hitsCtrl.values.hits}}
AIA Insurance Lanka PLC has reported strong results for the six months ended 30 June 2017. The main highlights are:
Consolidated revenue increased 28% from the same period last year to Rs. 8,765 million, driven by Gross Written Premium (GWP) growth of 14% to Rs. 5,532 million. The growth in GWP was mainly attributed to growth in renewal business.
Conventional life GWP increased 17% from the same period last year, to Rs. 5,115 million. Investment income went up 15% from the same period last year, to Rs. 2,636 million, benefitting from prudent investments made by the company and the increase in interest rates.
Consolidated profit after tax amounted to Rs. 135 million, an increase of 13% compared with 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 half-year profit.
AIA Sri Lanka Chief Executive Officer Pankaj Banerjee said: “AIA Sri Lanka’s consolidated revenue was boosted by a solid 28% compared with last year. AIA remains committed to growing our business both quantitatively and qualitatively and the execution of our growth strategy has reflected this. We are focused on ensuring that we continuously improve the customer experience. The investments we have made in our agency force through our Premier Agency strategy to equip our Wealth Planners with the best in training and technology have set AIA apart from the competition when it comes to serving our customers’ long-term savings and protection needs.”
AIA Sri Lanka Chairman William Lisle said: “I am very pleased that AIA Sri Lanka had a strong first half in 2017. Our initiatives under Premier Agency Strategy and Bancassurance partnerships are showing excellent results and we are confident that AIA Sri Lanka is well positioned to benefit from the growth momentum of the Sri Lankan life insurance market.”
