Asian Alliance records Rs 3 b in premium

Director and CEO, Ramal Jasinghe

Asian Alliance Insurance PLC continued its strong growth momentum with the company growing its top line by 31% to record Rs 3.0 billion in premium for the nine months ended September 2013. Life business maintained another quarter of solid performance taking the nine months top line to Rs 1.8 billion, an increase of 26% over the previous year, a media release from the company said.

Non-Life business recorded a GWP of Rs 1.2 billion for nine months, a 41% increase over the previous year. The company is also now within the Top Five for Medical insurance.

According to industry figures for the first nine months of 2013, Asian Alliance has delivered some of the highest growth rates in Life and Non-Life businesses. The loss of Rs 118 million reported for the nine months does not include the Life profit transfer that is undertaken per industry practice at year-end.

The Non-Life Business that has seen strong growth over the past two years has now been rationalised and streamlined to comprise Motor, Health and General to offer their customers quality service.

Motor customers have benefited by next day claim settlements and a host of other initiatives including Health insurance benefits with the Group's Asiri Hospitals have been implemented.

Director and CEO, Ramal Jasinghe said, "We have made huge strides in developing our business and are fully focused on achieving sustainable growth and profitability as we approach the mandatory splitting in 2015. We see great prospects ahead and are working towards delivering one of the finest propositions in the industry."