Sri Lanka's life insurance penetration is estimated 9.7 percent.
After starting in 2005, the firm had made pre-tax profits of 14.9 million rupees in the second year and 53.2 million rupees in the second year.
In 2007 general insurance premiums were 414 million rupees, Alles said.
"Currently we only deal in corporate business, especially with the banks," she says.
"Most of our premium incomes are from project insurance, high value properties and large scale infrastructure insurance."
The firm had insured the Arugam Bay bridge project, the Colombo-Matara highway project, Hyatt Residencies and the World Trade Centre Building.
In the life business, Allianz is offering retirement plans, children's politics, group life for corporate clients and decreasing term assurance cover for mortgage payments.
"Germany - population wise - is four times bigger than Sri Lanka, but we have 115 life insurance companies," says Heinz Dollberg, head of Asia Pacific operations of Allianz
"So we do not fear the competition at all."
He says despite the financial crisis, the firm's global general insurance business has grown 32 percent and life 10 percent in the first nine months 2008.
In 2008, the world's largest insurance company American International Group (AIG) of the United States was bailed out with a 40 billion dollar cash infusion by the Federal Reserve.
Dollberg says China and India are among the core countries and the firm aims at being among the top five in markets that they operate.
High interest rates in the island are now bringing higher returns to firms like insurers which have fixed income portfolios but many insurers are also finding it hard to sell new life insurance with high inflation robbing people's purchasing power.
Allianz says it is opening new branches in Kurunegala and Panadura as it moves into the life market.
All Rights Reserved.