AIA Sri Lanka confident in sustainable growth strategy

Wednesday, 13 November 2013 00:00 - - {{hitsCtrl.values.hits}}

AIA Insurance Lanka PLC yesterday reported consolidated revenues of Rs. 9,746 million for the nine months ended 30 September 2013, up 5% compared with the same period thanks to growth in both investment income and premiums. Gross Written Premium (GWP) increased by 7% to Rs. 7,040 million. Total life GWP increased by 5% to Rs. 5,017 million. As a result of the successful execution of the renewed strategy of focusing on protection oriented conventional life products, GWP for conventional life products rose 21% to Rs. 3,461 million, accounting for 69% of total life GWP.

General insurance GWP amounted to Rs. 2,023 million for the nine months to 30 September 2013, an increase of 11% compared with the same period in 2012. Consolidated Profit after Tax excluding re-branding spends was Rs. 306 million, a growth of 15%. Consolidated Profit after Tax net of re-branding spend was Rs. 135 million. The consolidated profit reported excludes the annual surplus from life business which will be determined after the year-end actuarial valuation and will be included in the financial results for the full year ending December 2013. AIA Sri Lanka Chairman Gordon Watson said: “I am pleased to see the successful alignment of AIA Sri Lanka with the wider AIA Group. AIA Sri Lanka is an excellent company and we are making further investments in our business, from new IT platforms to increasing our branch network, to reinforce AIA Sri Lanka’s strong foundation for future growth.” AIA Sri Lanka Chief Executive Officer Shah Rouf said: “We continue to play a leading role in the development of Sri Lanka’s insurance sector as we meet the savings and protection needs of increasing numbers of Sri Lankan individuals and families. “AIA Sri Lanka and our customers benefit from the product innovation, best practice sharing and investment that we now receive as part of the wider AIA Group, with over 90 years of experience in Asia. “We are confident that the significant potential of the Sri Lanka insurance market combined with the successful execution of our strategy will continue to generate sustainable growth for our shareholders.”