AIA Sri Lanka reports revenue growth in 1Q 2017 | Sunday Observer

AIA Sri Lanka reports revenue growth in 1Q 2017

21 May, 2017
Pankaj Banerjee
Pankaj Banerjee

The Board of Directors of AIA Insurance Lanka PLC is pleased to announce the financial results of the Company and its subsidiaries (the “Group”) for the three months ended March 31, 2017.

The main highlights are:

• Consolidated Revenue of the life insurance business increased 24 per cent to Rs. 3,968 million compared to the same period in the previous year, driven by the increase in conventional life business Gross Written Premium (GWP) as well as growth in investment and other income.

• GWP of our life insurance business grew by 11 per cent to Rs. 2,631 million.

• Conventional Life Business GWP grew by 15 per cent compared to the same period in the previous year, to reach Rs. 2,426 million.

• Investment income increased 15 per cent to Rs. 1,273 million due to an increase in interest rates and attractive yield lock-ins. Chief Executive Officer of AIA Sri Lanka, Pankaj Banerjee said, “AIA Sri Lanka had a good start in 2017 by achieving a solid growth in GWP in the first quarter. We continued to stay focused on meeting customer needs through improving our product propositions, as well as expanding distribution reach and productivity.” Chairman of AIA Sri Lanka, William Lisle said, “I am pleased with the Company’s progress in our journey towards becoming the pre-eminent life insurer in the country.” 

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