Allianz Lanka continued to maintain its growth momentum across its life and general insurance businesses through Q1 2017.
The Non-Life company, Allianz Insurance Lanka Ltd., recorded 33% YoY growth in Gross Written Premium (GWP) at Rs 1.49 billion during the period under review,with a Profit After Tax (PAT) of Rs 13 million despite expenditure on expansion.
The Life company, Allianz Life Insurance Lanka Ltd., registered a 7% YoY growth in GWP, ending the quarter at Rs 277 million with an impressive growth of 23% 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, “our efforts to expand our retail network around the country were instrumental in helping Allianz Insurance Lanka Limited 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.”
The parent company Allianz SE’s capital infusion of Rs 405 million too contributed to the non-life business’ growth numbers. Allianz Life Insurance Lanka Limited was able to consolidate its market position with a focus on recruitment and new business creation under its new leadership in sales.”
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