Banking

The 11th Annual Sales Convention of Asian Alliance Insurance – “Quality Awards 2012″ was held recently at Waters Edge, Battaramulla on a grand scale. The celebration was themed “Performance Highway”.

Mr. Ashok Pathirage – the Chairman, Mr. Paul Ratnayeke – the Deputy Chairman, Mr. Iftikar Ahamed – Director and Mr. Ramal Jasinghe – Director/CEO of AAI graced the occasion whilst the Executive Committee members & Senior Management were present to applause the true passion of their professional sales force.

The event was launched with a backward glance of the decade long history of the AAI’s Sales Convention – Quality Awards. Chief Operating Officer – Life, Mr. Chula Hettiarachchi, in his welcome speech, acknowledged the unique position of AAI amongst the competitors and briefed the audience on the journey of the AAI Life Distribution arm embarked upon 10 years ago.

He also positioned the theme of this year’s event “Performance Highway” with the audience. Mr. Hettiarachchi re-iterated the role of the sales force, as the company embarks upon the journey to the new destination on the “Performance Highway” with amazing speed and road discipline, to outclass the competition.

Whilst congratulating the winners, Mr. Ramal Jasinghe, Director/CEO stated that the company is surging forward as a member of the diversified Softlogic Group which will result in new dimensions to the insurance solutions provided by AAI to its clientele. Addressing the gathering, the Deputy Chairman – Mr. Paul Ratnayeke commended the achievements of the sales force and expressed his gratitude for raising the AAI flag high in the insurance arena.

Speaking at the event, the Chairman, Mr. Ashok Pathirage explained the strategy which led the Softlogic Group to enter into the insurance industry. He further expressed his views on the new initiatives of the Group especially relating to Health Insurance in tandem with the group’s healthcare sector – Asiri Hospitals.

Mr. Pathirage commended the performance of the energetic team of professionals whilst encouraging them to enter the “Performance Highway” and introduce new benchmarks to the Industry for others to follow.

Mr. G. M. Lahiru Maduranga from Nugegoda Regional Distribution Office was awarded the Best Performer of the year as well as the Most Valuable Sales Person of the year Awards.

Zonal Manager – Kegalle, Mr. Arjuna Herath was awarded Best Regional Distribution Manager award while Mr. Sumith Jayaweerage (Senior Regional Distribution Manager – Matara) & Mr. Hemakumara Dissanayake (Provincial Sales Manager – Kurunegala) claimed the 1st and 2nd runner up awards respectively. Mr. Saliya Bandara (Kegalle), Mr. Lalith Shantha (Galle) and Mr. Aruna Perera (Kiribathgoda) claimed the awards for Best Field Manager of the year 2011 whilst Mr. Susil Atapattu (Colombo II) and Mr. Malin Yapa Amarasekara (Piliyandala) awarded as the Best Territorial Manager of the year 2011.

Asian Alliance Insurance 54% growth in first half

Asian Alliance Insurance PLC has announced impressive results for the first six months of 2012reflecting a robust revenue performance by both Life and Non Life divisions of the Company. During this period, the Company surpassed Rs 1.5 billion in Gross Written Premiums, registering an exceptional54% growth over the same period of the previous year. The Life sector contributed Rs 933 million, recording 28% growth and Non Life sector contributed Rs 602 million, with a 127% growth for this outstanding performance.

During the period under review the Company recorded a highly commendable combined Underwriting Result of Rs 266 million, with a 149% growth over the corresponding period of last year. Financial performance of the two core segments, Life and Non Life operations contributed to the strong growth in Underwriting Result which demonstrates the terrific operational capability of the company and in-depth competence in core business activities.

Asian Alliance is now surging forward as part of the diversified Softlogic Group and is in the process of rolling out a number of initiatives relating to Health Insurance in tandem with the group’s healthcare sector – Asiri Hospitals. The Company is also teaming up to market Non-Life insurance through the Softlogic Retail network and Softlogic Finance branch network, thereby reaping significant synergies relating to distribution and cost efficiency.

The company Net Loss before Tax of Rs (25.8) million for the first half of year 2012 was significantly below the corresponding period due to the above improved performance and was reported on the basis of the new IFRS guidelines. Whilst the equity component of the investment portfolio was affected by the performance of the Colombo Bourse, the increase / decrease in Fair Value of such investments have been adjusted under Other Comprehensive Income as per the SLFRS/LKAS guidelines.
The financial statements for the half year ended 30 June 2012 have been prepared and presented in accordance with Sri Lanka Accounting Standards (SLFRS/LKAS) which have materially converged with the International Financial Reporting Standards (IFRS) as issued by the InternationalAccounting Standards Board (IASB).

This interim report is the company’s first published under the new IFRS guidelines and the previous year’s financials have been reported under SLAS with the impact analysis disclosed and adjusted to Retained Earnings. The report also covers the key policy changes as required for first time adoption. The effect of the transition from SLAS’s to SLFRS’s has also been presented in the reconciliation statements and accompanying notes to the reconciliation.

The consistently improving performance has strengthened solvency in both Life and Non Life divisions well above the required margin.RAM Ratings Lanka has re-affirmed the company’s claims-paying ability of BBB- , reinforcing a stable outlook.

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