Allianz Insurance Lanka, the general insurance company, recorded Gross Written Premium (GWP) of Rs.3.92 billion during the period under review, a YoY growth of 30% over GWP of Rs.3.02 billion reported during the same period last year. This helped the business register pre-tax profits (PBT) of Rs.126.9 million, a marked increase over the PBT of Rs.3 million at the end of 3Q, 2016.
The Life Company registered an impressive growth of 18% in annualized new business premiums in 3Q 2017 with GWP growing by 13% YoY to Rs. 864 million. This allowed the business to report pre-tax profits (PBT) of Rs.68 million.
Allianz Lanka’s prudent investment strategy continued to help generate greater returns with the general insurance business witnessing a 38% growth in its investment portfolio and 27% YoY growth in investment income which stood at Rs.202 million at the end of the period under review. The life business’ investment portfolio grew by 39% YoY, from Rs. 1.9 billion to Rs. 2.6 billion generating investment income of Rs.207 million, a YoY growth of 43%.