AIA Sri Lanka GWP grows 31% in Q1 2016

Gross Written Premium (GWP) of AIA Insurance Lanka PLC grew by 31 percent to Rs. 2,372 million for the three months ended March 31, 2016.

The outstanding growth was supported by a strong increase in premium persistency and a change in premium mode mix which recorded an increase in annual premium collection. Investment income increased 25 percent to Rs. 1,107 million due to the increase in interest rates.

Consolidated Revenue of the life insurance business increased 23 percent to Rs 3,215 million compared to the corresponding period in the previous year. Profit after tax increased 135 percent to Rs. 87 million.

Chief Executive Officer, AIA Sri Lanka, Shah Rouf said, “AIA Sri Lanka had a strong start in 2016 by achieving a significant growth in GWP in the first quarter.

We continued to stay focused on meeting customer needs through improving our product portfolio, distribution reach and abilities of our Agency and Bancassurance channels providing a strong platform for growth.

“ The strong execution of our Premier Agency strategy was evidenced in our No. 1 ranking in the Million Dollar Round Table (MDRT) membership in Sri Lanka in 2015 as well as consolidating our position as the leading Bancassurance partner,”he said.

Chairman, AIA Sri Lanka, William Lisle said he is happy about the company’s progress towards becoming the pre-eminent life insurer in the country.