Asian Alliance Insurance records Rs. 362m PAT

Asian Alliance Insurance PLC (AAI) profit after tax surged to Rs 362 million for the financial year ended December 2013. This performance substantially exceeds the Rs 73 million achieved the previous year.

Asian Alliance Insurance is part of the Financial Services Sector of the Softlogic Group and has developed a comprehensive business strategy that is based on the promising outlook for the insurance industry and positive fundamentals of the Sri Lankan economy.

The performance for 2013 is a reflection of the careful execution of the business plan that is now firmly in place and has set up the company on a trajectory of exceptional profitability and stable growth.

The company has posted Gross Written Premium of Rs 4.07 billion for 2013, which is a growth of 26% compared to the previous year with Life premiums increasing 24% to record Rs 2.5 billion and General Insurance premiums increasing 31% to Rs 1.5 billion. These growth rates are well above the industry standards where Life growth as at third quarter 2013 was 9.5% and General Insurance growth was 9.1% for the full year.

The results for 2013 also saw Net Earned Premium growing by 35% to Rs 3.24 billion while Total Net Revenue increased by 48% to Rs 4.23 billion.

Total assets of the company increased to Rs 7.47 billion as at December 2013 from Rs 5.89 billion the previous year, an increase of 28%. Equity and Reserves of the Company also recorded a healthy increase to reach Rs 1.83 billion an increase of 25% compared to the previous year. Policy holders funds as at end December were Rs 4.85 billion, a growth of 30% compared to the previous year.

Chairman, Asian Alliance, Ashok Pathirage said, "We continue to enhance the business and are in the process of bringing in further resources that will be needed to take the company to the next level. We are, therefore, greatly encouraged with the performance of the company and believe that immense value can be expected by all stakeholders as we move forward in executing our plans."