Financial Times

Allianz achieves record results as new entrant

Allianz Lanka last week reported a record turnover of Rs 183.7 million for the six months ended June 2006 with a profit of Rs 4.64 million.

“Despite an increasingly competitive market environment, it was possible to utilize business opportunities to obtain risk adequate premium. As a result of a disciplined approach to underwriting we were also able to maintain a very good loss ratio,” said CEO Surekha Alles, explaining the company’s successful performance.

Inaugurated in Sri Lanka in January 2005, Allianz commenced operations in March 2005. In this short time of existence, the company has partnered several leading corporates as their preferred insurer. But the individual customer is also well taken care of. Allianz has opened its doors to the retail market as well, and many small traders have had the confidence to place their insurance business with the company.

“Our insurance products are created to meet customer’s special requirements. We are looking at being number 1 in the customer’s mind, with a personalised service that ensures that Allianz is first recall in the customer’s mind in the moment of truth,” Alles said in a statement.

The company’s combination of global expertise and local knowledge of local risk has contributed to its success. The success of several retail products is reinforced by the strength of the Allianz global network. Travel insurance, for instance, is made convenient because of the vast network, which has an office in almost every country. The strength and support of its global network gives Allianz Lanka the capacity to underwrite large risks as well.

Allianz Lanka is a fully owned subsidiary of Allianz AG, the world’s largest General insurer, having a global premium income of over US $ 100 billion and global assets under management of US $ 94 billion.

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