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DateLine Sunday, 23 March 2008

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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 excellence.

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.

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