AIA Insurance Lanka has posted a profit after tax of Rs 511 million for 2016.
The company said 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.
Consolidated revenue grew by 20 per cent to Rs 14,633 million during the financial year 2016, from the figure reported for financial year 2015, 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 Rs10,000 million mark.
AIA Sri Lanka Chairman William Lisle said:“I am delighted to see the growth and progress made by AIA Sri Lanka over the past year. AIA Sri Lanka Chief Executive Officer Pankaj Banerjee 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.
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