Allianz Lanka records phenomenal increase in profits
Alliance Insurance Lanka Ltd. ended a very productive year posting a
Profit Before Tax of Rs. 53.2 million, which is a phenomenal increase of
258% over the previous year's figure of Rs. 14.9 million.
The Company's Net Profit after Tax of Rs. 50 million during the
fiscal year confirms its strong performance in a difficult market.
Underwriting Profits correspondingly reached a record increase of 822%,
from Rs. 3.5 million in 2006, to Rs. 32 million in 2007. Gross Written
Premium (GWP) also grew by 37.6% compared to the previous year, from Rs.
300.9 million in 2006 to Rs. 414 million in 2007.
"We are proud to say that we exceeded our expectations this year. Our
shareholders demonstrated their confidence in our continued performance
by infusing more capital to consolidate the business in Sri Lanka, and
have assured us of even more capital in the near future," said CEO,
Allianz Insurance Lanka Limited, Mrs. Surekha Alles.
The Company attributes its robust performance to carefully
underwritten risk, controlled management of key factors and operational
An increased focus on customised insurance products ensured that
Allianz Lanka made its presence felt in the retail market too during the
past year, with an expanded reach outside Colombo. "We are not keen on
just introducing products. We aim at providing solutions, and have plans
to come up with unique products designed especially for the Sri Lankan
market, as well as to relaunch and rejuvenate existing products to cater
to specialised customer needs," said Mrs. Alles.
The Company plans to expand its reach even further, with the
establishment of branches outside the city, as well as to venture into
other areas of business this year.
This year will also assure greater focus on IT to provide speedy
customer oriented solutions. Steps have already been taken to bring the
Company up to date with the latest technology for web based solutions,
on par with the technology offered by its parent Company.