Sri Lanka Allianz unit June net up 219-pct

Aug 14, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit for the June 2009 quarter shot up 218.6 percent to 58.6 million rupees from a year ago.

Allianz has expanded its branch network to the provinces and now has a presence in Kurunegala, Galle and Negombo.

The statement said Allianz Global’s net profit in the quarter rose 21 percent to euro1.9 billion (2.7 billion dollars). Allianz Lanka said in a statement its General Insurance Gross Written Premium (GWP) rose 48 percent to 496 million rupees in the June 2009 quarter compared with the same period last year.

The company said it “over achieved” its plan in all areas of business in the June quarter and that it expects to expand its branches into the north and east now that the ethnic was in the region was over.

Allianz Lanka said total revenue in the June quarter rose 140 percent to 140 million rupees from a year ago.

“Underwriting profits as at end June 2009, also increased by a substantial 358 percent to 56 million rupees, which is a remarkable achievement in a challenging market,” the statement said.

“We still continue to maintain our Gross Operating Ratio well