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AIA Insurance Lanka PLC ("AIA Sri Lanka" or the "Company") today announced financial results of the Company and its subsidiaries (the "Group") for the three months ended 31 March 2015.
The main highlights are:
Continued solid business growth
• AIA Sri Lanka has continued to benefit from a clear strategy of targeting sustainable growth.
• Consolidated revenue increased by 2 per cent to LKR 3,268 million, with solid growth of 14 per cent in Gross Written Premium (GWP) amounting to LKR 2,949 million offset by lower investment income.
• GWP from conventional life business, which is a key strategic focus, grew by 14 per cent to LKR 1,528 million and contributed 84 per cent of the overall life GWP.
• Overall life GWP was LKR 1,817 million, up 4 per cent.
• General insurance GWP increased by 35 per cent to LKR 1,132 million, driven by strong growth in agency.
AIA Sri Lanka reported a consolidated loss after tax of LKR 2 million for the three months ended 31 March 2015, compared with consolidated profit after tax of LKR 78 million in the corresponding period in 2014. It was mainly attributable to lower investment income and increase in claims in the general insurance business during the reporting period. The surplus of the life insurance business is reported annually at the year end.
Shah Rouf, Chief Executive Officer of AIA Sri Lanka, said:
"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.
"This quarter also saw us entering into a historic partnership with Sri Lanka Cricket as the official insurance partner for Sri Lanka Cricket which reiterates our commitment to connecting with and protecting what truly matters to Sri Lankans."
Gordon Watson, Chairman of AIA Sri Lanka, 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. I believe that AIA is well placed to benefit from the dynamic growth opportunities in the country and continue our journey to becoming the pre-eminent insurer in Sri Lanka."
Courtesy: Ceylon Financial Times 14 May 2015
The main highlights are:
Continued solid business growth
• AIA Sri Lanka has continued to benefit from a clear strategy of targeting sustainable growth.
• Consolidated revenue increased by 2 per cent to LKR 3,268 million, with solid growth of 14 per cent in Gross Written Premium (GWP) amounting to LKR 2,949 million offset by lower investment income.
• GWP from conventional life business, which is a key strategic focus, grew by 14 per cent to LKR 1,528 million and contributed 84 per cent of the overall life GWP.
• Overall life GWP was LKR 1,817 million, up 4 per cent.
• General insurance GWP increased by 35 per cent to LKR 1,132 million, driven by strong growth in agency.
AIA Sri Lanka reported a consolidated loss after tax of LKR 2 million for the three months ended 31 March 2015, compared with consolidated profit after tax of LKR 78 million in the corresponding period in 2014. It was mainly attributable to lower investment income and increase in claims in the general insurance business during the reporting period. The surplus of the life insurance business is reported annually at the year end.
Shah Rouf, Chief Executive Officer of AIA Sri Lanka, said:
"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.
"This quarter also saw us entering into a historic partnership with Sri Lanka Cricket as the official insurance partner for Sri Lanka Cricket which reiterates our commitment to connecting with and protecting what truly matters to Sri Lankans."
Gordon Watson, Chairman of AIA Sri Lanka, 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. I believe that AIA is well placed to benefit from the dynamic growth opportunities in the country and continue our journey to becoming the pre-eminent insurer in Sri Lanka."
Courtesy: Ceylon Financial Times 14 May 2015
