Sri Lanka’s Allianz unit grows in 2012

Mar 06, 2013 9LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said gross written premium in its life business grew 51 percent to 532 million rupees in 2012 and non-life premiums totaled 1,522 million rupees. Its life fund had grown 107 percent and policyholders given a credit (dividend) of 8.5 percent.

Allianz said 88 percent of its 1.5 billion rupee non-life premiums came from non-motor business and it made 187 million rupees in underwriting profits, and 312 million rupees of pre-tax profits.

“Our focus this year was on further developing our network in the South,” Allianz Lanka chief executive Surekha Alles said in a statement.

“The end of civil war and consequent resurgence of business confidence prompted us to concentrate on establishing our presence in the North and Eastern regions of the country during the past two years.

“This success encouraged us to further establish ourselves in the rapidly developing south as well.”

The company said it planned to grow its corporate business and make greater use of information technology.

The Allianz group had grown revenues 2.7 percent to 106.4 billion Euros in 2012, with operating profits up 20.8 percent to 9.6 billion Euros.