AIA 1Q revenue hits Rs.3.3 b

AIA Insurance Lanka PLC (AIA Sri Lanka) recorded strong consolidated revenue of Rs 3.3 billion for the quarter ended March 31, 2013. AIA Sri Lanka recorded a 11 percent increase in consolidated revenue over the corresponding period of the previous year.

Chairman, AIA, Sri Lanka, H T Phong

The strong results reflect the significant performance achieved soon after the historic acquisition of the company by AIA Group Limited, in December 2012, and its subsequent transition from AVIVA NDB to AIA Sri Lanka.

Gross written premium (GWP) income of the composite business grew by 8 percent to Rs 2,472 million compared with the first quarter of 2012.

Consolidated revenue up 11 percent to Rs 3,300 million Life GWP at Rs 1,643 million with 19 percent growth from conventional products General insurance maintains quality underwriting and increases profitability GWP of conventional life products grew by 19 percent to Rs 1,118 million, accounting for 68 percent of the GWP of Rs 1,643 million of the overall life business. The GWP of general insurance increased 23 percent to Rs 829 million compared to the corresponding period in 2012.

Consolidated profit after tax declined to Rs 32 million in the first quarter due to expenses relating to the change over to the AIA brand. The consolidated profit reported excluded the annual surplus from life business which will be determined after the year-end actuarial valuation and be included in the financial results for the full year ending December 2013.

AIA Sri Lanka, Chairman, Huynh Thanh Phong, said that the first quarter performance indicates that the company remains well positioned in the growing Sri Lankan market.

"The successful integration of the company with the AIA Group in the first quarter has provided a strong foundation for our sustained growth and progress in Sri Lanka. We remain focused on providing our customers here with the best available protection and savings products," he said.