Asian Alliance records healthy profit in 1H, 2007
Asian Alliance Insurance performed significantly well during the
first half of the year 2007, to reach a Gross Written Premium (GWP) of
Rs. 634 Mn., a 8% growth over the last year. The total investment of the
Company increased to Rs. 1,134 Mn. from Rs. 925 Mn. (as at December
2006) and earned Rs. 58.9 Mn. for the first half of the year, a 115%
growth over last year, a spokesman for the company said.
The efficiencies in the underwriting and claims management processes
have resulted in a 8% improvement over the last year in terms of
Despite inflationary pressure during the period under review, with an
increase in high investment yield the Company recorded a Profit before
Tax of Rs. 1.5 Mn. as against the loss of Rs. 8.2 Mn. recorded last year
during the correspoding period.
The Company has met the required solvency margins in accordance with
the solvency margin rule applicable in 2007, set by the Insurance Board
of Sri Lanka. The Life Division continues its upward trend in growth.
The GWP recorded a 24% growth over the corresponding period last year.
The Operating Surplus from the Life Division grew by 34%, over the
corresponding period in 2006. This achievement was possible due to the
efficiencies achieved in the Sales and Underwriting processes of the
Company, he said.
Despite the aggressive competition in the market, the Non Life
Division achieved a healthy growth rate of 28% in underwriting result
compared to the previous year.
This is consistent with the Company's plans to focus on the
achievement of a healthy bottom line in terms of underwriting results.