Allianz on track in 1 H, 2007

Allianz Lanka continued its robust performance into the Second Quarter 2007, recording a phenomenal growth of 275% in Net Profit before Tax for the six months ending June 30, 2007.

Premium Income also grew by a healthy 34%, from Rs. 184 million to Rs. 246 million over last year's corresponding first half.

Over 50% of the Company's overall profit comprised underwriting profits.

"We are proud to say that we are making pure underwriting profits and maintaining a combined ration of less than 60%," said CEO Allianz Lanka, Surekha Alles. Allianz Lanka attributes its strong performance to the implementation of several core strategies and cost saving measures, as well as to selective underwriting.

Allianz Lanka has introduced several initiatives in the recent past, which are already paying dividends. "We are very interested in getting into new markets and in growing our topline," said Alles. Among the initiatives introduced is an increased focus on HR.

"We believe our staff is a core strength and as such, are providing them with many exciting overseas training opportunities to further their careers and equip them to being top performers in this very competitive industry," she said.

With the implementation of the New Companies Act No 7 of 2007 in Sri Lanka, Allianz Lanka has introduced a new Directors and Officers Liability insurance cover (D & O), which the Company provides at very competitive terms.

Allianz Lanka Insurance Company is a fully owned subsidiary of German insurance giant Allianz SE, and is the latest addition to its worldwide network.