The Sri Lankan insurance unit of German financial services company Allianz recently reported that its 2011 ‘General Company’ after-tax profits (PAT) had gone up 43% year-on-year, to Rs. 240 million, according to a statement by the insurer. Further, it also noted that "a pure underwriting profit of Rs. 180 million was achieved, which is a 43% growth over the last year".
Additionally added, the company's Life Fund's "solvency margin was maintained at 16 times above the regulatory minimum requirement" while the "General Company's solvency stood seven times higher than the regulatory requirement". It also indicated that its "Life Fund grew from Rs. 66 million to Rs. 179 million during the year, a growth of 171%".
Meanwhile, Allianz Lanka also highlighted its Gross Written Premiums (GWPs), a measure of revenue in the insurance sector. For its Life Fund, GWPs had grown by 72% year-on-year, to Rs. 351 million. And the "General Company achieved a GWP of Rs. 1,501 million against the GWP of Rs. 1,470 million in 2010".
r also revealed that that these achievements, which also included a 40% growth in first year premiums that it dubbed "impressive", had resulted in its Life unit declaring a credit rate of 8.5% for Life policyholders.
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