Asian Alliance Insurance records 33% growth in Q1
Ramal Jasinghe, Director/CEO
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Asian Alliance Insurance PLC posted impressive results for the Q1
ending March 31 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 5th 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 organizations in Sri Lanka today, having expanded and
diversified into the growth sectors of Retail, Healthcare, ICT,
Automobiles, Travel & Leisure and Finance, holding authorized
distributorships for some key global brand names. |