Asian Alliance Insurance posts Rs 6 b GWP in 2015

Asian Alliance Insurance delivered a combined Gross Written Premium (GWP) of Rs 6.2 billion in 2015, an increase of 29% compared with the previous year, outpacing the industry by far. Life Insurance GWP was a spectacular Rs 4.1 billion, increasing by 35%, while General Insurance turned in a strong performance with a Rs 2.0 billion GWP, up 15%.

Asian Alliance Life recorded first year premiums of Rs 1.3 billion, growing by 42% with an absolute growth of Rs 390 million - a top three industry finish. First year premium growth is a leading indicator of an insurance company's near term potential and augurs well as the company moves forward with great momentum.

While accelerating in Life, General Insurance business Asian Alliance Motor hit Rs 1.2 billion, growing 40%, which is among the highest for the peer group and more than doubling industry growth of 19%.

Asian Alliance Insurance at Group level, achieved a Profit After Tax (PAT) growth of 22.4% YoY, boosting PAT to Rs 924 million.

Total net revenue was Rs 6.2 billion while Net Insurance benefits and claims increased marginally to Rs 1.6 billion for 2015.

Total assets as at December 31, 2015 stood at Rs 11.4 billion - an improvement of 11.3% from the previous year." wWe are extremely happy to note that Total GWP has grown at a compounded rate of 30% since the entry of Softlogic in September 2011, from a combined GWP of Rs 1.6 billion to 6.2 billion in 2015.

A key challenge for management is to manage stakeholder engagement and business goals to achieve integrated growth for the organisation, and we feel that we have pressed hard on all the buttons that deliver relevance," , Asian Alliance Insurance PLC, Managing Director Iftikar Ahamed said. "By continuing to focus strongly on further developing our human resources and digital innovation, the company has laid the platform for sustainable, long-term growth."

In Life business, the protection platform and products continues to be the mainstay of the portfolio, where the company has again done exceptionally well.