Asian Alliance continues strong growth, non-life on track
Tuesday, 12 November 2013 01:37
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Asian Alliance Insurance PLC continued its strong growth momentum with the company growing its top line by 31% to record Rs. 3 billion in premium for the nine months ended September 2013.
The company’s life business maintained its envious trajectory with yet another quarter of solid performance taking the nine months top line to Rs. 1.8 billion, an increase of 26% over the previous year. Its non-life business recorded a GWP of Rs. 1.2 billion for nine months, an impressive 41% over the previous year. The company is also now within the top five for medical insurance.
The company continues to move forward with great momentum well surpassing industry growth rates. According to industry figures for nine months of 2013, Asian Alliance had delivered some of the highest growth rates in both life and non-life businesses.
The loss of Rs. 118 million reported for nine months does not include the life profit transfer that is undertaken per industry practice at year-end. The company is expecting to close the year on a strong note further buoyed by strong gains on investment income.
These exceptional results are the result of a highly focused strategy implemented by the company that is now part of the Softlogic Group. A number of initiatives that will synergise group strength have been implemented and the benefit of these will be evident to customers of AAI in the months to come.
AAI life customers enjoy a level of service and attention that is unmatched in the industry and received overwhelming accolades during the recently conducted Customer Service Week. Their 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 non-life business that has seen strong growth over the past two years has now been rationalised and streamlined to comprise of motor, health and general to offer their customers top quality service.
Motor customers have benefited by next day claim settlements and a whole host of other initiatives including health insurance benefits together with the Group’s Asiri Hospitals have been implemented.
Director/CEO Ramal Jasinghe, commenting on the company’s performance said: “We have made huge strides in developing our business and are fully focused on achieving sustainable growth and profitability as we approach the mandatory splitting in 2015. We see great prospects ahead and are working towards delivering one of the finest propositions in the Industry.”
