Allianz Insurance Lanka posts yet another quarter of outstanding performance in 3Q 2016

Allianz Lanka had another impressive quarter, recording a 51% growth in Gross Written Premium of Rs. 3 billion in its Non Life Company, from Rs. 2 billion in the same period a year ago. The company continuously recorded the highest industry growth for the past three consecutive quarters, and is a noteworthy achievement in a highly competitive market.

The period has been one of significant achievements, with recognitions received for a number of key strategic initiatives. Chief among the accolades received was the regional award for Best Sustainable Insurance Company in South Asia. This prestigious award, conferred by the World HRD Congress supported by the Asian Confederation of Businesses, validates Allianz Lanka’s continued commitment to sustainable growth in all areas of business.

“Our strong growth reflects the success of the growth strategies that the company has put in place. I am also pleased to see our efforts endorsed with regional recognition,” said Allianz Lanka CEO Surekha Alles. Throughout the 10-plus years of our presence in Sri Lanka, Allianz Lanka did not pursue growth for its own sake, but focused on growing our business sustainably instead, with the customer at the heart of everything we do.” 

The Life company recorded a GWP of Rs. 765 million during the same period, which is a year-on-year (YoY) growth of 13%, from Rs. 676 million in 3Q2015. The successful performance of the Non Life Company prompted Allianz Lanka to look at strategies to accelerate growth in Life operations as well. 

Several new plans and processes are now being introduced to restructure the Life company, a main initiative was to welcome on board Nihal Handunge as GM Sales and Distribution, to spearhead the company’s life sales distribution and network development. Handunge has over 32 years of broad-based industry experience, of which over 25 years have been in senior management. He has a track record of achievements, and brings a wealth of knowledge on Life and Non Life insurance to the table. The company is confident that his leadership qualities will give Allianz Life Insurance the impetus to pursue new business opportunities and further strengthen its island-wide network of 58 branches.