Sri Lanka’s Allianz unit net up 64.5-pct, branch business up

Mar 30, 2010 (LBO) – Allianz Insurance Lanka, whose 2009 net profit rose 64.5 percent from a year ago, said most of its life insurance business was coming from newly established regional branches. “We are pleased to note that Sri Lankans are now demonstrating a much greater awareness of the Allianz identity,” Surekha Alles, chief executive at Allianz Insurance Lanka, said.

“This increased brand awareness we attribute to the fact of our increased market penetration and the satisfaction that our customers experienced with us.”

She said profitability was largely due to “fine-tuning the way we worked across different functions, in market knowledge, underwriting, sales, service capabilities and customer retention.

“This involved having in place more efficient procedures to maintain global standards balanced with measures to attain sustainable growth.”

Insurance claims were up 155 percent to 150.6 million rupees, and acquisition costs up 33.3 percent to 88 million rupees,

Operating expenses were up 73 percent to 140 million rupees, and tax costs were up 172 percent to 38.6 million rupees, Allianz Insurance Lanka accounts showed.

The company made a net profit of 119.6 m