Allianz Lanka continued to maintain its impressive performance across its general and life businesses through the nine months ended September 30th, 2017.
Allianz Insurance Lanka, the general insurance company, recorded a Gross Written Premium (GWP) of Rs.3.92 billion during the period under review, a YoY growth of 30 percent over GWP of Rs.3.02 billion reported during the same period last year. This helped the business register pre-tax profits (PBT) of Rs.126.9 million, a marked in crease over the PBT of three million Rupees at the end of 3Q, 2016.
The life company registered an impressive growth of 18 percent in annualized new business premiums in 3Q 2017 with GWP growing by 13 percent YoY to Rs.864 million. This allowed the business to report pre-tax profits (PBT) of Rs.68 million.
Allianz Lanka’s prudent investment strategy continued to help generate greater returns with the general insurance business witnessing a 38 percent growth in its investment portfolio and 27 percent YoY growth in investment income which stood at Rs.202 million at the end of the period under review. The life business’ investment portfolio grew by 39 percent YoY, from Rs.1.9 billion to Rs.2.6 billion generating investment income of Rs.207 million, a YoY growth of 43 percent.
“I am delighted to note that the company continues to move ahead along its steady growth trajectory and has performed exceptionally during the quarter despite stiff competition and a spike in claims due to natural disasters. We have managed to deliver these results while standing by our policyholders affected by the weather. Our teams focused on helping them get their lives and businesses back to normal as quickly as possible, offering assistance and expediting claims settlements,” said Allianz Insurance Lanka Managing Director Surekha Alles. “A clear reflection of our commitment to delivering sustainable growth and greater value to all stakeholders, the performance numbers have strengthened our confidence in meeting our financial targets and ending the year on an emphatically successful note.”
Both the life and general businesses of Allianz Lanka maintained healthy solvency margins of 519 percent and 175 percent respectively as at 3Q 2017. A symbol of the companies’ ability to pay insurance benefits and other payments, they were well above the minimum solvency regulations.