AIA Insurance Lanka PLC (“AIA Sri Lanka” or the “Company”) today announced the financial results of the Company and its subsidiary for the nine months ended 30 September 2017.
The main highlights are:
· Consolidated revenue increased by 17 per cent up to LKR 12,673 million, from LKR 10,794 million reported over the same period in 2016. This growth was mainly driven by the increase in the gross written premium (GWP) of Conventional Life business.
· Gross written premium of Life insurance business increased by 13 per cent to LKR 8,415 million, from LKR 7,425 million reported over the same period in 2016. This was attributed to the improvement in persistency.
· Gross written premium of Conventional Life business increased by 15 per cent to LKR 7,709 million, from LKR 6,720 million reported over the same period in 2016.
· Investment income rose by 10 per cent to LKR 3,875 million, benefitting from the interest rate hike and attractive yield locking.
· Consolidated profit after tax for the nine months ended 2017 amounted to LKR 189 million.
Pankaj Banerjee, Chief Executive Officer of AIA Sri Lanka, said:
“AIA Sri Lanka has delivered a solid set of results for the third quarter of 2017. We are greatly pleased to see the positive customer response to our focused and strategic approach to building our propositions that saw the launch of two new products during the past quarter. Our customers continue to respond favourably to our efforts to find solutions that are tailored to their protection and long term savings needs. I am also delighted that AIA’s Bancassurance continued to deliver strong results with our new partnership with DFCC Bank, forged in November 2016, performing ahead of expectations.
“It is worth noting that AIA Sri Lanka continued to deliver on our key strategic initiatives against the backdrop of slower economic growth during the third quarter of 2017. We remain optimistic of the long-term growth prospects of our life insurance business in Sri Lanka.”
William Lisle, Chairman of AIA Sri Lanka, said:
“We continue to believe that with our focus on delivering profitable growth and sustainable progress through an enhanced product portfolio and extended distribution reach, AIA Sri Lanka is well on course to becoming the pre-eminent life insurer in Sri Lanka.”
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About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$200 billion as of 31 May 2017.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
About AIA Sri Lanka
AIA Group acquired the business now known as AIA Insurance Lanka PLC (AIA Sri Lanka) in December 2012. AIA Sri Lanka is a top 3 life insurer measured in terms of gross written premiums.
Notes:
This document contains certain forward-looking statements relating to the Company. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the Company’s business prospects, future developments, trends and conditions. These forward-looking statements reflect the Company’s views as of the date hereof with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The forward-looking events and circumstances discussed in this document might not occur in the way the Company expects, or at all. Accordingly, you should not place undue reliance on any forward-looking information or statements.
Media Enquiries:
Nikhil Advani - Chief Marketing Officer, AIA Sri Lanka
(+94) 778 811060
Nikhil.Advani@aia.com
