Successful first half for Allianz Lanka

Allianz Lanka continued its robust performance into the second quarter 2007, recording a phenomenal growth of 275 per cent in net profit before tax for the six months ending June 30, 2007. Premium Income also grew by a healthy 34 per cent, from Rs. 184 million to Rs. 246 million over last year's corresponding first half.

Over 50 per cent of the company's overall profit comprised underwriting profits. "We are proud to say that we are making pure underwriting profits and maintaining a combined ration of less than 60%," confirmed CEO Allianz Lanka, Surekha Alles.

Allianz Lanka attributes its strong performance to the implementation of several core strategies and cost saving measures, as well as to selective underwriting.

Allianz Lanka has introduced several new initiatives in the recent past, which are already paying dividends. "We are very interested in getting into new markets and in growing our topline," explained Surekha Alles.

Among the initiatives introduced is an increased focus on HR.

Allianz Lanka Insurance Company is a fully owned subsidiary of German insurance giant Allianz SE, and is the latest addition to its worldwide network. The local company's profitability was reflected in the successful performance of its parent company.