Asian Alliance Insurance records 33% growth in Q1 2013

Asian Alliance Insurance PLC posted impressive results for the Q1 ending 31 March in the current FY2013, which reflects robust revenue earnings in both its Life and Non Life businesses. The Company’s phenomenal growth in Q1 alone reflects the dynamic path that AAI is treading to reach the pinnacle of success.

Asian Alliance Insurance PLC achieved Rs. 964 million in Gross Written Premium (GWP), posting an exceptional growth of 33% over the corresponding period last year. The Non Life Division recorded a GWP growth of 37% for Q1 against an industry growth of 10%.

Moreover, the Company forged ahead to carve out a bigger slice of the Life insurance market by recording an increase of 26% on the total GWP growth against an industry average of 7% and thereby re-affirming the fifth position in the total Life insurance market .

Furthermore, the Company’s underwriting expertise delivered an underwriting result of Rs. 329 million, reflecting a 41% growth over the same period in the last financial year. AAI’s Net Profit before Tax of Rs. 36.2 million for Q1 was attributable to a significant improvement in performance of its Non Life insurance business.

Asian Alliance has rolled out a number of growth initiatives relating to Health Insurance in tandem with the group’s healthcare sector, Asiri Hospitals. The Company has also teamed up to market Non-Life insurance through the Softlogic retail network and the Softlogic Finance branch network, thereby reaping significant synergies relating to distribution.

Asian Alliance Insurance PLC commenced operations in December 1999 and has evolved into a composite insurance solutions provider reputed at the forefront of the industry. The company caters to a clientele that consists of corporates and individuals both in Life and Non-Life Business through an extensive network of Regional Distribution Offices located strategically throughout Sri Lanka; protecting them from any form of risk.

The company has strengthened its credentials after its acquisition by the giant diversified conglomerate, the Softlogic Group, which is one of Sri Lanka’s corporate success stories. Softlogic is one of the leading, dynamic organisations in Sri Lanka today, having expanded and diversified into the growth sectors of retail, healthcare, ICT, automobiles, travel and leisure and finance, holding authorised distributorships for some key global brand names.

Recently, the two eminent foreign investors, DEG - Deutsche Investitions - Und Entwicklungsgesellschaft MBH of Germany and FMO - Nederlandse Financierings -Maatschappij Voor Ontwikkelingslanden N.V. of Netherlands joined AAI on the invitation of the Softlogic Group, with a long term vision to take the company to the next level whilst uplifting the industry. Asian Alliance Insurance PLC is now poised to reach global standards in terms of best practices and sustainability.