Sri Lanka unit of Allianz says profits, written premium up

May 20, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said pre-tax profits rose 5.0 percent to 85 million rupees in the March 2013 quarter from a year earlier and written premium also grew helped by fire business. Its conglomerate solvency ratio had declined to 183 percent from 197 due to a change in accounting for pensions. Shareholder equity had increased 3.1 percent to 51.95 billion rupees.

Non-life gross written premium grew 14 percent in the March quarter to 532.2 million rupees from a year earlier with 63 percent coming from fire insurance, the company said in a statement. Motor insurance grew the fastest, the company said.

Life premium had grown 42 percent to 172 million rupees with 69 percent coming from new business.

In the first quarter Allianz had opened branches in Chilaw, Thrinavill and Bandarawela. It was also partnering with banks and mobile networks to expand reach.

Allianz Lanka chief executive Surekha Alles said the firm’s aim has been to increase its retail portfolio and results were being seen.

Allianz group had posted revenues of 30.1 billion euro in the first quarter up 6.6 percent from a year earlier, and operating profits were up 19.9 percen