Asian Alliance 1Q premiums up 19% to Rs. 1.1 b

Tuesday, 20 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Asian Alliance Insurance PLC (AAI), a part of the Softlogic Group, further consolidated its industry position by recording strong financial performance for the 1st Quarter of FY2014 ending 31 March. AAI achieved Rs. 1.146 billion in Gross Written Premiums (GWP) for the quarter in addition to posting an exceptional year on year growth of 19% compared to the previous period. The company’s Life business grew by as much as 23% against an industry average of 10.15% whilst the General Insurance Division recorded a GWP growth of 12% for the 1st Quarter against negative industry growth of -0.45%.

The company recorded a Net Profit before Tax of Rs. 255.2 million for the 1st Quarter boosted by a strong performance in Life business where profits were determined based on actuarial assessment, that was complimented with exceptional investment portfolio gains during the quarter, in a scenario where both its fixed income and equity portfolios outperformed respective benchmarks by a significant margin. Asian Alliance Insurance has charted an ambitious blueprint for growth, buoyed by the optimistic outlook for the insurance industry as a whole and also inspired by the key performance indicators of a fast paced Sri Lankan economy. AAI’s strong performance is the result of a strategic vision which leverages on the valuable synergies of the Softlogic Group to re-affirm the company’s journey towards being a leading player in the industry. AAI Life customers enjoy a level of service and attention that is unmatched in the industry where the focus remains undivided and is always aimed at providing the best protection plans that are perfectly customised to meet specific requirements of a diverse clientele. The General Insurance Business that has seen strong growth over the past two years is fast moving ahead with a number of exciting initiatives underway across the main classes comprising Motor and Health. Asian Alliance Insurance PLC is a Composite Insurer rated BBB+ by Fitch Ratings and is one of the few companies in the industry to have obtained an international rating. The shareholders of the company include DEG and FMO that are internationally reputed AAA DFI institutions. Asian Alliance operates through a network of 54 locations that are positioned in all provinces of the country and is part of the fast growing Softlogic Group that has interests in Healthcare, Retail, Financial Services, ICT, Leisure, Automobiles and Restaurants.