Healthy growth for Allianz Lanka

Ramani Kangaraarachchi

Sureka Alles

Allianz Lanka has achieved a profit of Rs. 53.2 million before tax in its third year of operations in 2007 recording a growth of 257% compared to the second year profit which was Rs. 14.9 million, CEO Allianz Sri Lanka Sureka Alles said.

She said it achieved pure underwriting profit from second year of operations and its business strategy is a clear focus on profitability, consistent underwriting policy, controlled management of key factors like cost savings and maintaining a combined ratio well below industry norms.

Allianz Lanka is one of the newest entrants to the Sri Lankan insurance arena in 2005 and it has a fast growing customer base of large multinationals, local corporates, small traders and individuals as a result of using diverse and innovative distribution channels to reach customers.

Alles said the company has commenced setting up branches outside Colombo to reach semi corporate retail and rural customers. The first branch outside Colombo will be in Kurunegala and another five are scheduled to open in Colombo suburbs and outside Colombo.

Arugam Bay Bridge, the World Trade Centre Twin Towers and the Colombo Matara highway are some of the key infrastructure covered by Allianz Lanka.