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| Sunday, 12 October 2003 |
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Business |  |
| News Business Features Editorial
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Asian Alliance over-performs industry Asian Alliance Insurance Co. Ltd recorded a 108 per cent growth in operating profits in the first half of 2003 as opposed to the figures for the corresponding period last year. The company ended with a marginal loss of Rs. 3.8 million during this period compared to the Rs. 33.4 million loss recorded in the corresponding period of 2002, an 89 per cent improvement. Consolidated revenue generated was 27 per cent as against last year. The company's Life Fund grew by 30 per cent. Asian Alliance's total investment portfolio increased by 29 per cent over the six-month period to Rs. 170 million as June 2003. The retention rate was also increased by 70 per cent. Catering to a niche market, Asian Alliance provides tailor-made financial solutions. The company now has a fully integrated online intranet system, which greatly contributes to its functional efficiencies. Due to the company's alliance with Sampath Bank, customers can deposit their payments through the bank's pay easy services'. As a new entrant to the insurance industry, Asian Alliance currently maintains a three percent market share. Furthermore, in relation to the growth of the insurance industry in Sri Lanka, the company has over-performed by almost 50 per cent. Asian Alliance is a composite insurance company handing both General and life insurance. It is currently in its third year of operation and has a branch network covering Negombo, Gampaha, Kurunegala, Kandy, Matara, Panadura and Colombo. Major shareholders include Asia Capital, Richard Peiris and Company and Sampath Bank. The Board of Directors comprise Dr. Sena Yaddehige (Chairman), Paul Ratnayake (Deputy Chairman), Prof. Lakshman Watawala, Edgar Gunatunga, Lalit de S. Wijeyeratne, George Ondaatjie and Chanaka de Silva. |
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| Editorial | Security Produced by Lake House |
