Sri Lanka Allianz unit enters life insurance market

July 30, 2008 (LBO) – Allianz Lanka, the Sri Lankan unit of Germany’s Allianz SE, said it has got the license to enter the largely untapped life insurance market where it sees much potential. The local subsidiary of Allianz has been increasing customers in both the corporate as well as retail market.

The company recently set up specialised units to handle Directors’ and Officers’ Liability insurance and Title insurance. It said in a statement that underwriting profit grew 36 percent to 12 million rupees in the second quarter of 2008 from a year ago.

Interim profit before tax for the six months ending June 30, 2008 rose 62 percent to 28 million rupees compared with the same period year.

Gross Written Premium grew 36 percent to 336 million rupees in the six months under review in 2008 from 246 million rupees last year.

“The Life market in Sri Lanka is largely untapped, and penetration remains low,” Alllianz Lanka chief executive Surekha Alles said in the statement.

The firm will start Life insurance in October this year.

Alles said the company had identified some important Life assurance solutions to offer at the start and then further develop other non-con