AIA Sri Lanka recorded a consolidated revenue growth of 20 per cent to Rs.14,633 million during the financial year 2016, from the figure reported for financial year 2015, driven by the increase in premium and investment income. AIA’s Gross Written Premium (GWP) of the life insurance business grew by 20 per cent to a record Rs. 10,104 million, driven by growth in regular premium business and favourable shift in premium mode mix, the company announced.
While conventional life business GWP grew by 26per cent, with notable growth from both the agency and bancassurance channels, AIA Sri Lanka’s investment income also increased by 23 per cent, driven by a prudent investment strategy. Consolidated profit after tax increased by 68 per cent from LKR 303 million reported in 2015 to LKR 511 millionin 2016. The consolidated profit after tax for the financial years 2016 and 2015 includes the surplus of the life insurance business based on the actuarial valuations for the respective years.
Pankaj Banerjee, Chief Executive Officer of AIA Sri Lanka said: “2016 saw us reach a key milestone in our Company’s journey as we rolled out the second phase of our Premier Agency strategy based on quality recruitment, premier training and a specific focus on digitisation. Also, I am delighted to report that the bancassurance channel has also delivered impressive growth. We place significant emphasis on investing in and upgrading our digital applications to enhance ease-of-doing business and customer experience.”
AIA Sri Lanka’s sustained profitable growth is a true representation of its dedicated, committed and focused employees, Wealth Planners of the agency channel and Bancassurance Executives, the CEO further said.