AIA Sri Lanka reports strong 2016 results
View(s):AIA Insurance Lanka PLC (AIA) has reported that consolidated revenue grew by 20 per cent to Rs. 14,633 million during the financial year 2016, driven by the increase in premium and investment income.
Gross Written Premium (GWP) of the life insurance business, grew by 20 per cent to a record Rs. 10,104 million, driven by growth in regular premium business and favourable shift in premium mode mix. This is the first time GWP of AIA’s life business has crossed the Rs. 10,000 million mark, AIA said in a media release.
It said conventional life business GWP grew by 26 per cent, with notable growth from both the agency and bancassurance channels. Investment income increased by 23 per cent, driven by a prudent investment strategy. Consolidated profit after tax increased by 68 per cent from Rs. 303 million reported in 2015 to Rs. 511 million in 2016. The consolidated profit after tax for the financial years 2016 and 2015 includes the surplus of the life insurance business based on the actuarial valuations for the respective years, the release added.
Pankaj Banerjee, Chief Executive Officer of AIA Sri Lanka said: “2016 saw us reach a key milestone in our company’s journey as we rolled out the second phase of our premier agency strategy based on quality recruitment, premier training and a specific focus on digitisation. Also, I am delighted to report that the bancassurance channel has also delivered impressive growth. We place significant emphasis on investing in and upgrading our digital applications to enhance ease-of-doing business and customer experience.”
William Lisle, Chairman of AIA Sri Lanka, noted: “I am delighted to see the growth and progress made by AIA Sri Lanka over the past year. We will continue to focus on executing our strategy for making steady progress towards our goal of becoming the pre-eminent life insurer in Sri Lanka.”