Allianz Lanka continued to maintain its impressive performance across its general and life businesses through the 9 months ended September 30, 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 1.8% 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%.
“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 Surekha Alles, Managing Director, Allianz Insurance Lanka.
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.
0 comments: