Allianz Insurance Lanka Limited continued its positive performance post the amalgamation to record a gross written premium of Rs. 13.6 billion with a YoY growth of 6% at the end of the third quarter 2018.
The company’s continuous commitment to growth was further boosted with profit before tax of Rs. 1.2 billion, the company said in a release last week.“Despite the heavy competition among all players in the insurance industry, Allianz Insurance Lanka Limited continued to retain as the second largest player in the market even at the end of third quarter with a market share of 19%. This was despite our focus and concentration on integrating the two companies during the last quarter,” the release said.
Managing Director of Allianz Insurance Lanka Limited, Surekha Alles said, “As a norm a sluggish growth could be expected at a time of integration. However, we are happy with the growth that we have achieved amidst many obstacles and we are confident that we will bounce back strongly to end the year with a sustainable growth demonstrating our strength in the market.”
“Since its inception in 2005, Allianz Insurance Lanka Limited has always recorded strong growth and maintained its profitability by focusing on our business sustainability with our customers at the heart of everything we do.
“To continue providing enduring benefits to our customers, we are pursuing an innovation led growth strategy combined with digitalisation of processes ensuring that our solutions are aligned to the changing needs of our customers and providing greater convenience to all,” she said.
Allianz Lanka has several new plans to restructure the company to maximise the benefits offered. The company is confident that this will help them better understand the needs of their customers and support them in their moment of truth.
The parent company Allianz SE recently released its nine months earnings for the year which demonstrated the financial strengths the Company possesses. The total revenues of Allianz Group increased by 7.9% to 30.5 billion Euros and the operating profit grew 20.6% to 3.0 billion Euros, mostly driven by the Property and Casualty business.The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers.