Ceylon FT: AIA Insurance Lanka PLC reported a net profit of Rs 499.3 million for the year ended December 2013, down 41% from Rs 847.9 million a year ago, interim financial results showed.
Net premium income fell marginally to Rs 8.19 billion, down from Rs 8.24 billion a year ago. Investment income grew to Rs 4.4 billion, up from Rs 4.02 billion a year ago.
Total revenue grew to Rs 12.99 billion, up from Rs 12.62 billion a year ago.
Net claims and benefits paid increased to Rs 6.75 billion, up 61% from Rs 4.18 billion a year ago and operating and administrative expenses grew to Rs 3.83 billion, up 43% from Rs 2.68 billion a year ago.
Basic earnings per share amounted to Rs 16.64, down from Rs 28.26 last year.
Revenue from life insurance amounted to Rs 10.47 billion in 2013, up from Rs 10 billion a year ago, and revenue from non-life insurance amounted to Rs 2.52 billion, up from Rs 1.96 billion a year ago.
Profits from the life insurance segment grew to Rs 200 million, up from Rs 195 million a year ago, and profits from the non-life segment fell to Rs 298.5 million, down from Rs 645.2 million in 2012.
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