Allianz Lanka Keeps Up Impressive Growth Momentum through 3Q, 2017
Allianz Lanka continued to maintain its impressive performance across its general and life businesses through the 9 months ended 30th September, 2017.
Allianz Insurance Lanka, the general insurance company, recorded Gross Written Premium (GWP) of Rs.3.92 billion during the period under review, a YoY growth of 30% over GWP of Rs.3.02 billion reported during the same period last year. This helped the business register pre-tax profits (PBT) of Rs.126.9 million, a marked increase over the PBT of Rs.3 million at the end of 3Q, 2016.
The Life Company registered an impressive growth of 18% in annualized new business premiums in 3Q 2017 with GWP growing by 13% YoY to Rs. 864 million. This allowed the business to report pre-tax profits (PBT) of Rs.68 million.
Allianz Lanka’s prudent investment strategy continued to help generate greater returns with the general insurance business witnessing a 38% growth in its investment portfolio and 27% YoY growth in investment income which stood at Rs.202 million at the end of the period under review. The life business’ investment portfolio grew by 39% YoY, from Rs. 1.9 billion to Rs. 2.6 billion generating investment income of Rs.207 million, a YoY growth of 43%.
“I am delighted to note that the company continues to move ahead along its steady growth trajectory and has performed exceptionally during the quarter despite stiff competition and a spike in claims due to natural disasters. We have managed to deliver these results while standing by our policyholders affected by the weather. Our teams focused on helping them get their lives and businesses back to normal as quickly as possible, offering assistance and expediting claims settlements,” said Mrs. Surekha Alles, Managing Director, Allianz Insurance Lanka. “A clear reflection of our commitment to delivering sustainable growth and greater value to all stakeholders, the performance numbers have strengthened our confidence in meeting our financial targets and ending the year on an emphatically successful note.”
Both the life and general businesses of Allianz Lanka maintained healthy solvency margins of 519% and 175% respectively as at 3Q 2017. A symbol of the companies’ ability to pay insurance benefits and other payments, they were well above the minimum solvency regulations.
Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, Germany, a world leader in integrated financial services. Having started out as a Greenfield operation in 2005, it has emerged as one of the fastest growing insurance service providers in Sri Lanka. The company prides on supporting its clients’ business strategy by understanding their risk profile and needs, and providing individual solutions from its world class portfolio of products and services. Around the world, over 140,000 Allianz employees serve some 86.3 million retail and corporate customers in 70 countries, who place their trust on the knowledge, global presence, financial strength and solidity of Allianz to support them in their moment of truth.
