Asian Alliance Insurance records Rs. 339m PAT
Asian Alliance Insurance PLC (AAI) has recorded a profit after tax of
Rs 339 million for the first half of 2014.
The impressive result comes on the back of Life premia growth of 21%
at Rs 1.4 billion, with an absolute increase of Rs 252 million, one of
the highest by any insurer in the country and is coupled with an
exceptional result achieved on the investment portfolio of the company.
The result also takes into account 1Q Life performance of the
company, while the 2Q Life result will be reflected at the end of the
year based on the full period performance.
Total premia for the first half were Rs 2.3 billion with General
insurance premia at Rs 831 million and profits after tax were Rs 326
million for Life business and Rs 12 million for the General insurance
business. The first half performance of the company stands out from the
rest of the industry that saw overall growth rates of 7.3% for Life and
0.2% for General.
Asian Alliance Insurance has charted an ambitious blueprint for
growth, buoyed by the optimistic outlook for the insurance industry as a
whole and also inspired by the key performance indicators of a fast
paced Sri Lankan economy. AAI's strong performance is the result of a
strategic vision which leverages on the valuable synergies of the
Softlogic Group to re-affirm the company's journey towards being a
leading player in the industry.
AAI Life customers enjoy a level of service and attention that is
unmatched in the industry where the focus remains undivided and is
always aimed at providing the best protection plans that are perfectly
customised to meet specific needs of a diverse clientele.
The General Insurance Business that has seen strong growth over the
past two years is in consolidation mode with a number of key initiatives
being undertaken across the main classes comprising motor and health.
Asian Alliance Insurance PLC is a composite insurer rated BBB+ by Fitch
Ratings and is one of the few companies in the industry to have obtained
an international rating. |
