AIA Insurance records profitable first half

AIA Chairman, Gordon Watson

AIA Insurance Lanka PLC recorded a consolidated revenue of Rs 6,836 million for the six months ended June 30, 2013, up 18 percent over the corresponding period in 2012.

The results were driven by significant growth in investment income and premiums and demonstrated the effective execution of its renewed growth strategy, following the acquisition by AIA Group Limited.

Total life Gross Written Premium (GWP) was up by 5 percent to Rs 3,334 million. Our strategy of focusing on protection oriented conventional life products has been highly successful as GWP of conventional life products grew by 22 percent to Rs 2,274 million, accounting for 68 percent of the total life GWP. General insurance GWP rose 13 percent to Rs 1,388 million.

Consolidated profit after tax excluding re-branding spend was Rs 195 million - a growth of 19 percent. Consolidated profit after tax net of re-branding spend was Rs 23 million.

The consolidated profit reported excluded the annual surplus from life business which will be determined after the year-end actuarial valuation and will be included in the financial results for the full year ending December 2013.

The new Chairman of AIA Sri Lanka, Gordon Watson said, "The growth in the first six months demonstrates a successful consolidation and alignment with the AIA Group, laying a firm foundation for sustainable growth that I am confident will gather momentum and continue our growth strategy in the second half of the year."