Asian Alliance Insurance posts Rs. 532 m PAT in 3Q

Asian Alliance Insurance PLC (AAI) that is part of the Softlogic Group yesterday announced a profit after tax for period to date September 2014 of Rs. 532 million.
The impressive result comes about on the back of Life premiums growth of 21% for the period at Rs. 2.2 billion, with the absolute increase of Rs. 374 million being amongst the highest in the industry, and is coupled with an exceptional result achieved on the investment portfolio of the company. The result also takes into account 1Q Life performance of the company, whilst the 2Q and 3Q Life results will be reflected at year end based on the full period performance.
Total premiums for the first nine months of the year were Rs. 3.4 billion with General Insurance premiums at Rs. 1.3 billion and profits after tax were Rs. 511 million for Life business and Rs. 21 million for the General insurance business. The first nine months performanceof the company stands out from the rest of the industry that saw overall growth rates of 8% for Life and 2% for General.
Asian Alliance’s strong performance is the result of a strategic vision which leverages on the valuable synergies of the Softlogic Group to re-affirm the company’s journey towards being a leading player in the industry. The company has charted an ambitious blueprint for growth, buoyed by the optimistic outlook for the insurance industry as a whole and also inspired by the key performance indicators of a fast paced Sri Lankan economy.
AAI Life that is currently ranked fifth in the market provides its customers with a level of service and attention that is unmatched in the industry where the focus remains undivided and is always aimed at providing the best protection plans that are perfectly customised to meet specific requirements of a diverse clientele.
The General Insurance Business is coming back strongly with novel concepts and innovation that is completely oriented towards customer convenience, with the new Drive Thru concept and 365 Day Insurance that will primarily target motor customers. The health business of the company has also improved tremendously and is currently ranked No. 4 in the industry.
The shareholders of AAI include DEG and FMO that are internationally reputed AAA DFI institutions. The company operates through a network of 54 locations that are positioned in all provinces of the country and is part of the fast growing Softlogic Group that has interests in healthcare, retail, financial services, ICT, leisure, automobiles and restaurants.

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