Sri Lanka Allianz unit profit down

Sept 08, 2010 (LBO) – Allianz Lanka, the local unit of Allianz SE, said net profit fell 23 percent to 44.8 million rupees in the July 2010 quarter from a year ago and that it was opening more branches. Its accounts showed net claims rose to 90 million rupees in the period from 56 million rupees the previous year.

General Insurance Gross Written Premium rose 83 percent to 909 million rupees in the second quarter of 2010 from last year’s figure of 496 million rupees, a company statement said.

“Allianz Life Insurance Lanka achieved a GWP of 83.3 million rupees, a very creditable increase of 104 percent against last year’s GWP of 40.8 million,” it said.

In General Insurance, the company made a net profit of 69 million rupees of which 40 percent has been contributed out of pure underwriting profits, it said.

We are pleased that we have achieved significant growth despite the competitive market environment,” said Allianz Lanka chief executive Surekha Alles.

The local subsidiary of Munich-based financial services conglomerate Allianz will open a branch in the eastern port ton of Trincomalee next month.

Allianz Lanka has expanded its branch network to many areas of the is