Allianz Lanka says strong performance in 2012

Allianz Lanka, reporting the results for 2012, said last week that its Life company business grew to Rs. 532 million, up 51 per cent over 2011.

“This laudable achievement notched yet another ‘first’ in Allianz Lanka’s belt as the first insurer to attain the half billion mark in just four years of operations,” a company statement proclaimed.

The company’s new business grew by 39 per cent and contributed Rs.216 million to the gross written premium. The Life Fund grew by 107 per cent, and policyholders were credited with a credit rate (dividend) of 8.5 per cent.

The Non-Life company recorded a gross written premium of Rs. 1,522 million. “Contrary to the market performance over 88% of the contribution to the gross written premium came from the non-motor business portfolio. The company reported a profit before tax of Rs. 312 million with Rs. 187 million attributed to underwriting profits, a testimony to Allianz prudent underwriting practices and efficient operating cost management,” the statement added.

‘Our focus this year was on further developing our network in the South. The end of civil war and consequent resurgence of business confidence prompted us to concentrate on establishing our presence in the North and Eastern regions of the country during the past two years. This success encouraged us to further establish ourselves in the rapidly developing south as well,” explained Allianz Lanka CEO Surekha Alles.

“Our concern is not merely to be profitable but also to provide results for the customer through a personalised service and value based products.”