The consolidated revenue of AIA Insurance Lanka PLC (AIA Sri Lanka) has increased by 21 percent to Rs. 10,794 million over the first nine months ending September 30, 2016, when compared with Rs. 8,954 million reported over the same period in 2015. This growth was mainly driven by the increase in the gross written premium (GWP) of Conventional Life business, a company press release said.
The Gross written premium of life insurance business increased by 22 percent to Rs. 7,425 million, from Rs. 6,093 million reported over the same period last year. This is attributed to the favourable shift in premium mode mix and growth in business volumes.
Gross written premium of Conventional Life increased 27 percent to Rs. 6,720 million, from Rs. 5,271 million reported over the same period in 2015 and investment income rose by 24 percent to Rs 3,513 million.
Consolidated profit after tax of continuing business increased by 40 percent to Rs. 199 million, from Rs. 142 million reported over the same period last year. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the profit reported during interim periods in the year. Chief Executive Officer of AIA Sri Lanka, Shah Rouf said, “Our team continues to dedicatedly implement our strategy of building Premier Agency and Bancassurance distribution to provide our customers with the best of products and services.”
Chairman of AIA Sri Lanka, William Lisle said, “With focus on delivering profitable growth and sustainable progress through enhanced product portfolio and extended distribution reach, AIA Sri Lanka is well on course to becoming the pre-eminent life insurer in Sri Lanka.”