Allianz Lanka records impressive Q1 2017
View(s):Allianz Lanka continued to maintain its growth momentum across its life and general insurance businesses through Q1 2017.
The non-life company, Alliance Lanka recorded 33 per cent YoY growth in Gross Written Premium (GWP) at Rs.1.493 billion during the period under review, with a Profit After Tax (PAT) of Rs. 13 million despite expenditure on expansion, according to a company media release. Life company Allianz Life Insurance Lanka Ltd., registered a 7 per cent YoY growth in GWP, ending the quarter at Rs.277 million with a growth of 23 per cent in annualized new business fueled by Universal Life Products which contributed Rs. 174 million. The PAT stood at Rs.24 million which marked a continuation of making profits since last quarter 2016.
Commenting on the company’s performance during the quarter, Surekha Alles, Chief Executive Officer – Allianz Lanka, said, “I’m excited to report that we have recorded a positive start to FY 2017 with both the life and non-life businesses registering steady growth. Our efforts to expand our retail network around the country were instrumental in helping Allianz Insurance Lanka Ltd register impressive growth in GWP. This together with the uniqueness of our products has helped us gain the confidence of customers and grow the business”.
Prevailing high interest rates together with the company’s prudent investment strategy helped drive 70 per cent and 17 per cent growth in investment income in the non-life and life businesses, respectively. Allianz Insurance Lanka Ltd and Allianz Life Insurance Lanka Ltd are fully-owned subsidiaries of Allianz SE Germany, a world leader in integrated financial services.