Asian Alliance Insurance posts strong growth in 1Q 2016

Asian Alliance Insurance posted impressive growth for the first quarter of 2016 with Life insurance premiums topping the Rs. 1 billion mark to reach Rs. 1.4 billion, with a growth of 48% compared with the same period of the previous year – that is double the industry growth of 23% for the first quarter of the 2016. 

First Year premiums rose to Rs. 380 million, growing by 46% for the first quarter of the 2016 compared to the same period of 2015, which is amongst the highest in the industry. Motor insurance business was boosted by Click2Claim – Asia’s Innovation of the Year winner that clicked rapidly and grew 80%. Overall General Insurance premiums rose 17% to Rs. 526 million underlining the success of the strong retail focus of the company. Consolidated premiums for the quarter were Rs. 1.9 billion.

Asian Alliance Insurance PLC recorded Profit After Tax (PAT) of Rs. 267.2 million for the 1st Quarter of 2016 for Life business where profits were determined based on actuarial assessment, whilst the combined Profit After Tax including its fully owned subsidiary Asian Alliance General Insurance Ltd. was Rs. 212.4 million.

The Asian Alliance brand has gained considerable momentum over the past months and is being driven on the platform of innovation with value and customer convenience being foremost in mind. The Company has stepped up the intensity of its operations with a number of industry firsts in its Life business. Amongst these, ‘eAdvisor’ which is the latest technological innovation from the country’s most innovative insurance provider, will simplify and streamline a range of functions, by eliminating paper and by enabling instant generation of Life Insurance quotations. It also allows Life Sales Advisors to have key information relating to the customer, the products and the company literally at their fingertips.

The General Insurance business launched a revolution in the motor industry with the most innovative Click2Claim product that delivers the fastest claim settlement in the market, whilst eliminating the hassle and inconvenience that follows a motor accident. The product is receiving rave reviews and has picked up strongly enabling considerable operational convenience and cost efficiencies that are at the centre of the new GI strategy that is being executed with a determined focus.

“A strong start to the year is a good indication that all of our strategies are in place and that they are being executed well. We strongly believe in our platform of innovation and are very excited about the new initiatives that we will launch during the year, all of which are oriented towards substantially increasing customer convenience and driving operational efficiency,” Asian Alliance Insurance PLC Managing Director Iftikar Ahamed said. “We are confident that this will increasingly reflect in our future financial performance as well.” 

Asian Alliance Insurance PLC is held by Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG that are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany respectively.