Allianz Insurance Lanka continues impressive performance in 3Q
Allianz Insurance Lanka Limited continues its remarkable performance post the amalgamation to record a gross written premium of Rs.13.6 billion with a year-on-year growth of 6 percent at the end of the third quarter 2018.
The company’s continuous commitment to growth was further boosted with an impressive profit before tax of Rs.1.2 billion. Despite the heavy competition among all players in the insurance industry, Allianz Insurance Lanka Limited continued to retain as the second largest player in the market even at the end of the third quarter with a market share of 19 percent. This was despite its focus and concentration on integrating the two companies during the last quarter.
Commenting on the company’s performance up to the third quarter 2018, Allianz Insurance Lanka Limited Managing Director Surekha Alles said, “As a norm, a sluggish growth could be expected at a time of integration. However, we are happy with the growth that we have achieved amidst many obstacles and we are confident that we will bounce back strongly to end the year with a sustainable growth demonstrating our strength in the market.”
She further stated, “Since its inception in 2005, Allianz Insurance Lanka Limited has always recorded strong growth and maintained its profitability by focusing on our business sustainability with our customers at the heart of everything we do. In order to continue providing enduring benefits to our customers, we are pursuing an innovation-led growth strategy combined with digitalization of processes ensuring that our solutions are aligned to the changing needs of our customers and providing greater convenience to all.”
Allianz Lanka recently announced the successful completion of the amalgamation and has several new plans to restructure the company in order to maximize the benefits offered. The company is confident that this will help them better understand the needs of their customers and support them in their moment of truth. The parent company Allianz SE recently released its nine months earnings for the year, which demonstrated the financial strengths the company possesses. The total revenues of Allianz Group increased by 7.9 percent to 30.5 billion euros and the operating profit grew 20.6 percent to 3.0 billion euros, mostly driven by the property and casualty business.
The Allianz group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.
Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third party assets.
Thanks to its systematic integration of ecological and social criteria in its business processes and investment decisions, the company holds the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 142,000 employees in more than 80 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.