Allianz shows healthy growth

Allianz Lanka exceeded the targets in all areas of business in the second quarter 2009, posting a General Insurance GWP of Rs. 496 million, a growth of 48 percent over figures of the corresponding period last year. Underwriting profits as at end June 2009, also increased by a substantial 358 percent to Rs. 56 million, which is a remarkable achievement in a challenging market. The company's Net Profit Before Tax was a record Rs 90 million, a percentage growth of 219 over the second quarter - Rs 28 million last year.

"We are pleased that we have sustained our steady growth and profitability into our fifth year of general insurance business in Sri Lanka. We still continue to maintain our Gross Operating Ratio well below industry norms, which we have maintained since inception," said CEO Allianz Lanka, Surekha Alles.

The company attributes its highly commendable performance to the implementation of several discerning core business strategies and to selective risk management and underwriting practices.

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. As of the second quarter 2009, the company achieved a commendable Life Insurance GWP of Rs 40.8 million. Allianz has since expanded its branch network to the provinces and has a strong presence in Kurunegala, Galle and Negombo, where the company services its rapidly expanding clientele with the same benefits, facilities and financial security enjoyed by its customers in Colombo.

Plans are also under way to expand to other viable locations including the North and the East in the near future. "We intend to fully utilise the business opportunities that have arisen as a result of the opening of the North and the East to private businesses," said Alles.

Allianz Global has also posted a satisfactory performance over the first six months of this year, with an increase in Net Profit of 21 percent to euro 1.9 billion ($2.7 billion) in the April-June period, up from euro 1.5 billion in the second quarter of 2008. Allianz SE's capital base remains strong relative to the market. This year too, Allianz received a rating of AA from the reputed ratings agency Standard and Poor, which is the best rating enjoyed by an insurance company worldwide, and confirms its global reputation for financial stability and professionalism.

The Allianz group is one of the world's largest financial services providers with experience since 1890 in providing innovative insurance, asset management and banking services to over 80 million customers in over 70 countries. Allianz is ranked among the top 20 of Fortune 500's listing of top global corporates in 2009, over half of whom insure with Allianz.