AIA Sri Lanka reports solid 2017 Half Year Results

AIA Insurance Lanka PLC (“AIA Sri Lanka” or the “Company”) today announced the financial results of the Company and its subsidiary for the six months ended 30 June 2017.

The main highlights are:

• Consolidated revenue increased 28 per cent from the same period last year to LKR 8,765 million, driven by gross written premium (GWP) growth of 14 per cent to LKR 5,532 million. The growth in GWP was mainly attributed to growth in renewal business.
• Conventional life GWP increased 17 per cent from the same period last year, to LKR 5,115 million. Investment income went up 15 per cent from the same period last year, to LKR 2,636 million, benefitting from prudent investments made by the Company and the increase in interest rates.
• Consolidated profit after tax amounted to LKR 135 million, an increase of 13 per cent compared with 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 half-year profit.

Pankaj Banerjee, Chief Executive Officer of AIA Sri Lanka, said:

“AIA Sri Lanka’s consolidated revenue was boosted by a solid 28 per cent compared with last year. AIA remains committed to growing our business both quantitatively and qualitatively and the execution of our growth strategy has reflected this. We are focused on ensuring that we continuously improve the customer experience. The investments we have made in our agency force through our Premier Agency strategy to equip our Wealth Planners with the best in training and technology have set AIA apart from the competition when it comes to serving our customers’ long-term savings and protection needs.”

William Lisle, Chairman of AIA Sri Lanka, said:

“I am very pleased that AIA Sri Lanka had a strong first half in 2017. Our initiatives under Premier Agency Strategy and Bancassurance partnerships are showing excellent results and we are confident that AIA Sri Lanka is well positioned to benefit from the growth momentum of the Sri Lankan life insurance market.”