Asian Alliance Insurance records 1H PAT of Rs. 339 m
Friday, 15 August 2014 00:51
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Asian Alliance Insurance PLC (AAI), part of the Softlogic Group, announced profit after tax for the first half of 2014 at Rs. 339 million.
The impressive result comes about on the back of Life premiums growth of 21% for the period at Rs. 1.4 billion, with the absolute increase of Rs. 252 million being the highest by any insurer in the country, and is coupled with an exceptional result achieved on the investment portfolio of the company.
The result also takes into account 1Q Life performance of the company, whilst the 2Q Life result will be reflected at yearend based on the full period performance.
Total premiums for the first half were Rs. 2.3 billion with General insurance premiums at Rs. 831 m and profits after tax were Rs. 326 million for Life business and Rs. 12 million for the General insurance business. The first half performance of the company stands out from the rest of the industry that saw overall growth rates of 7.3% for Life and 0.2% for General.
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 in consolidation mode with a number of key initiatives being undertaken 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.
