AIA Sri Lanka reports excellent Q1 results

AIA Insurance Lanka PLC has reported a 31% growth in Gross Written Premium (GWP) of life insurance business to Rs. 2,372 million in the first quarter of 2016. 

It said the outstanding growth was supported by a strong increase in both premium persistency and a change in premium mode mix which saw an increase in annual premium collection.

Investment income increased 25% to Rs. 1,107 million due to increase in interest rates.  Consolidated Revenue of the life insurance business increased 23% to Rs. 3,215 million compared to the same period in the previous year. Profit after tax increased 135% to Rs. 87 million.

AIA Sri Lanka Chief Executive Officer Shah Rouf said: “AIA Sri Lanka had a strong start in 2016 by achieving a significant growth in GWP in the first quarter. We continued to stay focused on meeting customer needs through improving our product portfolio, distribution reach and capabilities of both our Agency and Bancassurance channels providing a strong platform for growth. The strong execution of our Premier Agency strategy was evidenced in our No. 1 ranking in Million Dollar Round Table (MDRT) membership in Sri Lanka in 2015 as well as consolidating our position as the leading Bancassurance partner.” 

AIA Sri Lanka Chairman William Lisle said: “I am pleased with the company’s progress in our journey towards becoming the pre-eminent life insurer in the country. The execution of our strategies in expanding and strengthening our premier agency continues to deliver good results.”