AIA Insurance Lanka PLC ('AIA Sri Lanka' or the 'Company') recently announced the financial results of the Company and its subsidiaries for the nine months ended 30 September 2015.
The main highlights are:
Delivering continued premium growth
• Consolidated revenue was up 3 per cent to Rs 11,015 million, mainly driven by the increase of net earned premiums in both life and general insurance businesses, partially offset by reduced investment income due to movement in market value of equity instruments.
• Composite gross written premium (GWP) income grew by 19 per cent to......Rs 8,979 million driven by continued growth momentum in conventional life business.
• GWP of conventional life business grew 23 per cent to Rs 5,271 million accounting for 87 per cent of the overall Life GWP.
• GWP of life business grew by 14 per cent to Rs 6,093 million
• GWP of general insurance increased by 30 per cent to Rs 2,886 million
• Consolidated profit after tax amounted to Rs 95 million AIA Sri Lanka reported a consolidated profit after tax of Rs 95 million for the nine months ended 30 September 2015, compared with Rs 199 million in the corresponding period in 2014. The lower profit was mainly attributable to the increase in claims in the general insurance business. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the third quarter profit.
Shah Rouf, Chief Executive Officer of AIA Sri Lanka, said: "AIA Sri Lanka delivered a strong GWP growth of 23 per cent in conventional Life business in the first three quarters of 2015, compared with the corresponding period in 2014. On 23 October 2015, we announced completion of the divestment of our general insurance business which enables us to entirely focus our resources in growing and developing our core business of life insurance in Sri Lanka."
William Lisle, Chairman of AIA Sri Lanka, said:
"AIA Group is fully supportive of AIA Sri Lanka to continue to meet the growing protection and long-term savings needs in the country, in accordance with the vision of AIA Group to become the pre-eminent life insurance provider in the Asia-Pacific region."
The main highlights are:
Delivering continued premium growth
• Consolidated revenue was up 3 per cent to Rs 11,015 million, mainly driven by the increase of net earned premiums in both life and general insurance businesses, partially offset by reduced investment income due to movement in market value of equity instruments.
• Composite gross written premium (GWP) income grew by 19 per cent to......Rs 8,979 million driven by continued growth momentum in conventional life business.
• GWP of conventional life business grew 23 per cent to Rs 5,271 million accounting for 87 per cent of the overall Life GWP.
• GWP of life business grew by 14 per cent to Rs 6,093 million
• GWP of general insurance increased by 30 per cent to Rs 2,886 million
• Consolidated profit after tax amounted to Rs 95 million AIA Sri Lanka reported a consolidated profit after tax of Rs 95 million for the nine months ended 30 September 2015, compared with Rs 199 million in the corresponding period in 2014. The lower profit was mainly attributable to the increase in claims in the general insurance business. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the third quarter profit.
Shah Rouf, Chief Executive Officer of AIA Sri Lanka, said: "AIA Sri Lanka delivered a strong GWP growth of 23 per cent in conventional Life business in the first three quarters of 2015, compared with the corresponding period in 2014. On 23 October 2015, we announced completion of the divestment of our general insurance business which enables us to entirely focus our resources in growing and developing our core business of life insurance in Sri Lanka."
William Lisle, Chairman of AIA Sri Lanka, said:
"AIA Group is fully supportive of AIA Sri Lanka to continue to meet the growing protection and long-term savings needs in the country, in accordance with the vision of AIA Group to become the pre-eminent life insurance provider in the Asia-Pacific region."
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