Asian Alliance's life premiums rise 48%

Asian Alliance Insurance posted impressive growth for the first quarter of 2016 with Life insurance premia topping the billion rupee mark to reach Rs 1.4 billion, with a growth of 48% compared with the corresponding period of the previous year - double the industry growth of 23% for the first quarter of the 2016.

First Year premia rose to Rs. 380 million growing by 46% for the first quarter of the 2016 compared to the corresponding period of 2015, which is among the highest in the industry.

Motor insurance business was boosted by Click2Claim - Asia's Innovation of the Year winner that clicked rapidly and grew 80%. Overall General Insurance premiums rose 17% to Rs. 526 million underlining the success of the strong retail focus of the company. Consolidated premia for the quarter was Rs 1.9 billion.

Asian Alliance Insurance PLC recorded profit after tax (PAT) of Rs. 267.2 million for the 1st Quarter of 2016 for Life business where profits were determined based on actuarial assessment, while the combined Profit After Tax including its fully owned subsidiary Asian Alliance General Insurance Ltd was Rs. 212.4 million.

"We strongly believe in our platform of innovation and are very excited about the new initiatives that we will launch during the year, all of which are oriented towards substantially increasing customer convenience and driving operational efficiency," Asian Alliance Insurance PLC Managing Director, Iftikar Ahamed said adding, "We are confident that this will increasingly reflect in our future financial performance as well."

The company has stepped up the intensity of its operations with a number of industry firsts in its Life business. Among these, 'eAdvisor' which is the latest technological innovation; this will simplify and streamline a range of functions, by eliminating paper and by enabling instant generation of Life Insurance quotations.

It also allows Life Sales Advisors to have key information relating to the customer, the products and the company literally at their fingertips.

The General Insurance business launched Click2Claim product that delivers the fastest claim settlement in the market, while eliminating the hassle and inconvenience that follows a motor accident.

The product is receiving good responses and has picked up enabling considerable operational convenience and cost efficiencies that are at the centre of the new GI strategy that is being executed with a determined focus.

Asian Alliance Insurance PLC is held by Softlogic Capital PLC and is part of the Softlogic Group. Significant stakeholders in the company also include FMO and DEG of the Netherlands and Germany.