ALLIANZ LANKA PLANS LIFE SECTOR EXPANSION

German giant Allianz’s Sri Lankan unit saw its second quarter underwriting profit grow more than a third year-on-year and has unveiled plans to enter the country’s life insurance sector. Allianz Lanka reported second quarter underwriting profit of Rupees12m which contributed to half-year pre-tax earnings of Rupees28m – a 62% increase year-on-year. The unit’s next challenge is to expand into Sri Lanka’s life insurance market, described by Allianz Lanka chief executive Surekha Alles as “largely untapped”. Having identified a suit of life assurance products with which to launch, it expects to have operations underway by October this year.