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
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
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
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.