Asian Alliance Insurance posts Rs. 250m PAT

Reinforcing its status as one of the country's fastest growing insurers, Asian Alliance Insurance PLC achieved a Gross Written Premium (GWP) of Rs. 867 million for Life, a 21% increase compared with the previous year, while consolidated Group premiums that included General Insurance were recorded at Rs. 1,317 million for the first quarter of the 2015 financial year. Profit after tax for the period was Rs. 251 million for the Company and Group profit was Rs. 200 million.

The Asian Alliance brand has gained considerable momentum over the past months and is being driven on the platform of innovation with value and customer convenience being foremost in mind. The Company has stepped up the intensity of its operations with a number of industry firsts in its Life business. Higher non-medical and financial underwriting limits have been provided to top Sales Advisors based on certain parameters while non-medical straight forward businesses are underwritten and processed on a straight-through basis, utilising the robustness of the Company's proprietary IT system. "The growth in the Life insurance business in particular is a strong endorsement that reflects the success of Asian Alliance Insurance PLC's innovation-driven strategy," Asian Alliance Insurance PLC Chairman, Ashok Pathirage said."This performance is especially noteworthy, considering that this comes during a challenging period - the first financial quarter since the segregation of Life and General insurance segments.