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AIA Insurance Lanka PLC, the local unit of the Hong Kong stock exchange-listed Asian life insurance giant, AIA Group Limited, recorded a net loss of Rs.2 million for the quarter ended March 31, 2015 (1Q15), against a net profit of Rs.78.4 million in the same quarter of the previous year. The company said the negative performance was mainly attributable to lower investment income and increase in claims in the general insurance business during the reporting period. Basic earnings per share deteriorated to 6 cents from Rs.2.55. The consolidated revenue, including the investment income, premiums and other related income, rose 2 percent year-on-year (YoY) to Rs.3.26 billion. The gross written premium (GWP) rose 14 percent YoY to Rs.2.94 billion. The investment income however fell to Rs.953.2 million from Rs.1.02 billion. The company also incurred a fair value loss of Rs.156.2 million against a gain of Rs.2 billion. The gross claims and benefits paid during the quarter under review fell to Rs.1.58 billion from Rs.2 billion in the same quarter of the previous year. The GWP of the life business grew 4 percent YoY to Rs.1.81 billion and the general insurance GWP grew 35 percent YoY to Rs.1.13 billion. “Expanding our distribution is bringing sustainable growth and we are well positioned to capture the growth opportunities that exist as the economic development in Sri Lanka continues,” AIA Sri Lanka CEO Shah Rouf said. “AIA will continue to invest in the Sri Lankan insurance market to build the foundations for long-term and sustainable growth through the consistent execution of our strategy and expansion of our distribution network,” AIA Sri Lanka Chairman Gordon Watson said.
Courtesy: Daily Mirror 14 May 2015
Courtesy: Daily Mirror 14 May 2015
