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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Asian Alliance Insurance posts Rs 250m PAT

Asian Alliance Insurance posts Rs 250m PAT

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1Asian Alliance Insurance posts Rs 250m PAT Empty Asian Alliance Insurance posts Rs 250m PAT Fri May 22, 2015 10:51 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Asian Alliance Insurance achieved a Gross Written Premium (GWP) of Rs. 867 million for Life, a 21% increase compared with the previous year.
The consolidated Group premiums that included General Insurance were recorded at Rs. 1,317 million for the first quarter of the 2015 financial year.
Profit after tax for the period was Rs. 251 million for the company and Group profit was Rs. 200 million.
The company has stepped up the intensity of its operations with a number of industry firsts in its Life business.
Higher non-medical and financial underwriting limits have been provided to top Sales Advisors based on certain parameters whilst non-medical straight forward businesses are underwritten and processed on a straight-through basis, utilising the robustness of the Company’s proprietary IT system.
Self-service Insurance facilities that are linked to kiosks are being rolled out to branches to enable Sales Advisors and even customers to carry out their requirements without depending on any office staff, at their own convenience and on their own time.
The General Insurance business launched a revolution in the motor industry with the most innovative Click2Claim product that delivers the fastest claim settlement in the market, whilst eliminating the hassle and inconvenience that follows a motor accident.
The product is receiving rave reviews and has picked up strongly, enabling considerable operational convenience and cost efficiencies that are at the centre of the new GI strategy that is being executed with a strong focus.
“The growth in the Life insurance business in particular is a strong endorsement that reflects the success of Asian Alliance Insurance PLC’s innovation-driven strategy,” Asian Alliance Insurance Chairman, Ashok Pathirage said this performance is especially noteworthy, considering that this comes during a challenging period – the first financial quarter since the segregation of Life and General insurance segments.
Asian Alliance Insurance Managing Director, Iftikar Ahamed said, “We are confident that this will increasingly reflect in our future financial performance.” 
Courtesy: Daily News 22 May 2015

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