AIA Sri Lanka grows business further in 1H

Tuesday, 19 August 2014 02:59 - - {{hitsCtrl.values.hits}}

The Board of Directors of AIA Insurance Lanka PLC yesterday announced the financial results of the Company and its subsidiaries for the six months ended 30 June 2014, with solid growth in both Life and General businesses. Gross Written Premium (GWP) of Life insurance grew by 5% to Rs. 3,516 million, largely driven by strong sales of conventional Life products. GWP

of General insurance increased by 3% to Rs. 1,432 million. Consolidated profit after tax was Rs. 146 million, compared with Rs. 195 million of the first half of 2013 which excluded rebranding spend, a one-off item in 2013. Consolidated revenue of Rs. 6,768 million included net earned premium of Rs. 4,189 million and investment income of Rs. 2,250 million. This compared with the net earned premium of Rs. 4,143 million and investment income of Rs. 2,514 million in the first half of 2013. AIA Sri Lanka Chief Executive Officer Shah Rouf said: “The first half of this year has seen AIA Sri Lanka maintain its growth momentum and continued investment in its business, adding 16 new branches and 1,440 new Wealth Planners. Armed with the latest of technology including iPad mobile devices and Interactive Point of Sales (iPoS) Systems, our Wealth Planners are equipped to provide a unique customer experience which enhances our policyholder service.” He added: “AIA Sri Lanka is committed to delivering value to all stakeholders through the consistent execution of our clear strategy and disciplined financial management.” AIA Sri Lanka Chairman Gordon Watson said: “The company has made good progress in expanding its distribution capabilities for sustainable and profitable growth. I am confident that AIA Sri Lanka, being ‘The Real Life Company,’ is well positioned to capture the growth opportunities that exist.”