AIA Insurance Lanka PLC and its subsidiaries consolidated revenue increased by 19 % to Rs 6,852 million driven by gross written premium (GWP) growth of 26 percent to Rs 4,858 million for the six months ended June 30, 2016.
The growth in GWP was mainly driven by persistency improvements and a change in premium mode mix. Conventional life GWP increased 32 percent to Rs 4,373 million and investment income went up 25 percent to Rs 2,297 million, benefitting from the increase in interest rates.
Consolidated profit after tax amounted to Rs120 million, an increase of 38 percent compared with Rs 87 million in the corresponding period in 2015. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the half-year profit. Shah Rouf, Chief Executive Officer of AIA Sri Lanka said, “AIA Sri Lanka’s consolidated revenue was boosted by a solid 26 percent increase in our GWP compared with the first half of 2015. We believe this growth momentum will strengthen further in the second half.
AIA remains committed to growing our business both quantitatively and qualitatively and our execution of growth strategies this year has reflected this. We are always looking for ways to make doing business with us easy for our customers as well as our Wealth Planners. As part of this, the launch of mCash mobile phone wallet last quarter has already become a key premium collection method.”
William Lisle, Chairman of AIA Sri Lanka said, “Our initiatives under Premier Agency Strategy and Bancassurance partnerships are showing excellent results and we are confident that AIA Sri Lanka is well positioned to benefit from the growth momentum of the Sri Lankan life insurance market.”
The growth in GWP was mainly driven by persistency improvements and a change in premium mode mix. Conventional life GWP increased 32 percent to Rs 4,373 million and investment income went up 25 percent to Rs 2,297 million, benefitting from the increase in interest rates.
Consolidated profit after tax amounted to Rs120 million, an increase of 38 percent compared with Rs 87 million in the corresponding period in 2015. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the half-year profit. Shah Rouf, Chief Executive Officer of AIA Sri Lanka said, “AIA Sri Lanka’s consolidated revenue was boosted by a solid 26 percent increase in our GWP compared with the first half of 2015. We believe this growth momentum will strengthen further in the second half.
AIA remains committed to growing our business both quantitatively and qualitatively and our execution of growth strategies this year has reflected this. We are always looking for ways to make doing business with us easy for our customers as well as our Wealth Planners. As part of this, the launch of mCash mobile phone wallet last quarter has already become a key premium collection method.”
William Lisle, Chairman of AIA Sri Lanka said, “Our initiatives under Premier Agency Strategy and Bancassurance partnerships are showing excellent results and we are confident that AIA Sri Lanka is well positioned to benefit from the growth momentum of the Sri Lankan life insurance market.”
www.dailynews.lk
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