Ceylon FT: AIA Insurance Lanka PLC reported a net profit of Rs 78 million for the quarter ended 31 March 2014, up 145% from a year ago, the company said announcing results for the first quarter of the 2014 financial year.
"The company reported consolidated revenue of Rs 3,212 million for the three months ended 31 March 2014. Gross Written Premium (GWP) income of the composite business grew by 6% compared with the first quarter of 2013 to Rs 2,595 million. Overall life business reported a GWP of Rs 1,755 million for the first quarter of 2014. Conventional life products contributed 76% of the overall life business GWP, representing a strong growth of 20% compared with the corresponding quarter in 2013. General insurance reported a GWP of Rs 840 million for the first quarter of 2014," the company said in a statement.
The main contributor to the increase in profits is the reduction of expenses, it said.
Shah Rouf, Chief Executive Officer, said, "The first quarter results have provided us with a strong foundation to build on for the rest of the year. We look forward to maintaining our momentum through the successful execution of our strategic priorities for 2014".
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"The company reported consolidated revenue of Rs 3,212 million for the three months ended 31 March 2014. Gross Written Premium (GWP) income of the composite business grew by 6% compared with the first quarter of 2013 to Rs 2,595 million. Overall life business reported a GWP of Rs 1,755 million for the first quarter of 2014. Conventional life products contributed 76% of the overall life business GWP, representing a strong growth of 20% compared with the corresponding quarter in 2013. General insurance reported a GWP of Rs 840 million for the first quarter of 2014," the company said in a statement.
The main contributor to the increase in profits is the reduction of expenses, it said.
"Expenses for the same period in 2013 were higher due to brand migration and integration related expenditure as previously disclosed. Profit reported excludes the surplus from the long-term insurance business, which is determined annually by the year-end actuarial valuation and will be included in the full year results for the financial year ending December 2014."
Gordon Watson, Chairman of AIA Sri Lanka, commented on the results, "I am pleased that AIA Sri Lanka has delivered a positive start to 2014 after completing a strong first year as part of the AIA Group, the leading pan-Asian life insurer. The first quarter results reflect the strong execution by the management team and reinforce our confidence in the potential of our business in Sri Lanka."
Shah Rouf, Chief Executive Officer, said, "The first quarter results have provided us with a strong foundation to build on for the rest of the year. We look forward to maintaining our momentum through the successful execution of our strategic priorities for 2014".
www.ceylontoday.lk
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