Allianz Lanka continues strong upward growth trend into 3Q, 2007

Allianz Lanka continued its strong upward growth trend into the Third Quarter 2007, achieving a substantial 174% growth in Profit before Tax, an increase from Rs 9.3 million in 2006, to Rs 25.6 million in the first nine months of the current year.

Gross Written Premium also reached a record Rs 324 million during this period, which is a substantial 44% growth over last year's Rs 226.2 million. Underwriting Profits swelled correspondingly, to Rs 11.8 million in 2007, reflecting an increase of 146% over the Underwriting Profit of Rs 4.8 million during the same period last year.

Commenting on the results, CEO Allianz Lanka Mrs Surekha Alles said, "We are, understandably, very satisfied with our performance. Our progress this year has been substantial. We have grown the business in many areas and are confident of achieving our Annual Plan. I am pleased to say that our shareholders have also expressed confidence in our performance and are planning to release more capital into the country."

Allianz Insurance Lanka Company, the fully owned subsidiary of German insurance giant Allianz SE and the latest addition to its worldwide network, will celebrate its third successful year in Sri Lanka, shortly, and will soon relocate to spacious modern premises in a central location, to put into place ambitious expansion plans.