Colombo, 3 March 2016 - The Board of Directors of AIA Insurance Lanka PLC (“AIA Sri Lanka” or the “Company”) is pleased to announce the financial results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2015.
The main highlights are:
• As announced previously, the Company decided to fully focus on realising the exciting growth opportunities in the life insurance market, and therefore divested its wholly owned subsidiary AIA General Insurance Lanka Limited on 23 October 2015.
• Gross Written Premium (GWP) of the continuing operations, the main life insurance business, grew by 16 per cent to LKR 8,433 million, driven by strong growth in regular premium new business.
• Revenue of the continuing operations grew by LKR 415 million to LKR 12,218 million, with increase in net earned premiums partially offset by unrealised investment losses in unit-linked funds due to movements in the equity market.
• Profit after tax on continuing operations increased by 15 per cent to LKR 303 million from LKR 263 million due to increase in interest income from fixed income investment.
• Consolidated profit after tax, including operating results and realised gain from divestment of the discontinued general insurance operations, was LKR 1,491 million.
Shah Rouf, Chief Executive Officer of AIA Sri Lanka said:
“The year was a key milestone in our Company’s journey as we implemented our strategic decision to fully focus on realising the exciting opportunities in the life insurance market, one in which we recorded significant growth. I am particularly pleased to say that growth came from meeting customer needs through new products as well as improving our distribution reach and capabilities, in both our Agency and Bancassurance channels.”
William Lisle, Chairman of AIA Sri Lanka, said:
“I am delighted to see the growth and progress made by AIA Sri Lanka. I look forward with optimism and great expectations to continuing the journey of AIA becoming the pre-eminent life insurer in Sri Lanka in the years to come.”