AIA Insurance Lanka PLC recently announced financial results of the Company and its subsidiaries for the three months ended 31 March 2015.
AIA Sri Lanka reported a consolidated loss after tax of Rs.2 million for the three months ended 31 March 2015, compared with consolidated profit after tax of Rs.78 million in the corresponding period in 2014. It was mainly attributable to lower investment income and increase in claims in the general insurance business during the reporting period. The surplus of the life insurance business is reported annually at the year end.
Meanwhile, the group’s consolidated revenue increased by 2 percent to Rs.3,268 million, with solid growth of 14 percent in Gross Written Premium (GWP) amounting to Rs.2,949 million offset by lower investment income.
Further, GWP from conventional life business, which is a key strategic focus, grew by 14 percent to Rs.1,528 million and contributed 84 percent of the overall life GWP and the overall life GWP was Rs.1,817 million, up 4 percent.
General insurance GWP increased by 35 percent to Rs.1,132 million, driven by strong growth in agency.
“This quarter also saw us entering into a historic partnership with Sri Lanka Cricket as the official insurance partner for Sri Lanka Cricket which reiterates our commitment to connecting with and protecting what truly matters to Sri Lankans,” Chief Executive Officer of AIA Sri Lanka Shah Rouf said.