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.

Ashok Pathirage |
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." |