AIA revenue tops Rs. 9 b at end Sept

Gordon Watson

AIA Insurance Lanka PLC recorded a consolidated revenue of Rs. 9,746 million for the nine months ended September 30, 2013. The increase of five percent compared with the same period in 2012 was driven by growth in investment income and premiums.

Gross Written Premium (GWP) increased by 7 percent to Rs. 7,040 million. Total life GWP increased by five percent to Rs. 5,017 million.

GWP for conventional life products rose 21 percent to Rs. 3,461 million, accounting for 69 percent of total life GWP. General insurance GWP amounted to Rs. 2,023 million for the nine months to September 30, 2013, an increase of 11 percent compared with the corresponding period in 2012.

Consolidated profit after tax excluding re-branding spend was Rs. 306 million, a growth of 15 percent. Consolidated profit after tax net of re-branding spend was Rs.135 million.

The consolidated profit reported excludes 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.

AIA Sri Lanka, Chairman Gordon Watson said, "We are making further investments in our business, from new IT platforms to increasing our branch network."

Chief Executive Officer, AIA Sri Lanka, Shah Rouf said, "We continue to play a leading role in the development of Sri Lanka's insurance sector as we meet the savings and protection needs of the Sri Lankan people and families.

"AIA Sri Lanka and customers benefit from product innovation, best practice sharing and investment that we now receive as part of the wider AIA Group."