Allianz Lanka over-achieved its plan in all areas of business in the 2nd quarter 2009, posting a 48% increase in General Insurance GWP of Rs.496 million over the corresponding period last year, a press release said. Underwriting profits as at end June 2009 increased by 358% to Rs.56 million. The company’s net profit before tax was a record Rs.90 million, a 219% increase over the second quarter figure of Rs.28 million last year.
“We are pleased that we have been able to sustain our steady growth and profitability into our fifth year of general insurance business in Sri Lanka,” said CEO of Allianz Lanka Surekha Alles. “We still continue to maintain our Gross Operating Ratio well below industry norms, which we have maintained since inception.” The success of its General insurance business in Sri Lanka prompted the setting up of Allianz Life Insurance Lanka in the country in November last year.
Allianz has since expanded its branch network to the provinces and now has a strong presence in Kurunegala, Galle and Negombo. Plans are also on board to expand to other viable locations including the Nort and East in the near future, the press release said.