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 three months ended 31 March 2017.
The main highlights are:
- Consolidated Revenue of the life insurance business increased 24 per cent to LKR 3,968 million compared to the same period in the previous year, driven by the increase in conventional life business Gross Written Premium (GWP) as well as growth in investment and other income.
- GWP of our life insurance business grew by 11 per cent to LKR 2,631 million. The growth was supported by a further improvement in premium persistency
- Conventional Life Business GWP grew by 15 per cent compared to the same period in the previous year, to reach LKR 2,426 million.
- Investment income increased 15 per cent to LKR 1,273 million due to an increase in interest rates and attractive yield lock-ins.
Pankaj Banerjee Chief Executive Officer of AIA Sri Lanka said:
“AIA Sri Lanka had a good start in 2017 by achieving a solid growth in GWP in the first quarter. We continued to stay focused on meeting customer needs through improving our product propositions, as well as expanding distribution reach and productivity of both our Agency and Bancassurance channels, providing a strong platform for growth.”
William Lisle, Chairman of AIA Sri Lanka, said:
“I am pleased with the Company’s progress in our journey towards becoming the pre-eminent life insurer in the country through the execution of our strategies in expanding and strengthening our distribution and bancassurance channels.”