- Total Gross Written Premium growth of 29%
- New business grows by 35% – an exceptional milestone
The year 2012 culminated with the Life Insurance arm of Asian Alliance Insurance PLC recording the highest-ever growth in its recent history by delivering above and beyond Rs. 2 b in Gross Written Premium (GWP) for the period.
ssssssssssssA benchmark provider of quality insurance solutions, AAI has repeatedly proved itself to be a trail-blazer in setting industry benchmarks. Over the last five years, the company has been growing at thrice the rate of the insurance industry, which reflects the rapid strides the company is making in carving out a growing market share in the insurance industry.
The Life division has performed exceptionally well across all its key performance indicators (KPIs), namely, new business growth, GWP, client value (Average Policy Value) and operational profits. The Life team pursued new business opportunities aggressively through the year and this resulted in new business growth of 35% measured on the basis of the first year premium, which is the highest-ever growth recorded by the Life arm in its consistent growth stream.
The company forged ahead to carve out a bigger slice of the insurance market by recording an increase of 29% on the total GWP growth, as against an industry average of 4% (Source: Insurance Association of Sri Lanka, IASL, statistics as at September 2012). This phenomenal growth in market share reflects the rapid rate at which AAI’s Life business is capturing new business.
AAI continues to offer customised insurance solutions and prides itself on its attention to discerning selected customers who value the protection platform on which the company functions. The division’s Average Client Value has risen to Rs. 74,000 during the year.
Chula Hettiarachchi, Chief Operating Officer, Life Insurance, AAI, commented: “This year marks a landmark achievement of the highest-ever GWP growth in our 11-year history. During this year we were able to maximise emerging opportunities whilst tenaciously sustaining existing clients and attracting new business. Our focus was on optimal performance and to achieve this goal we leveraged on the three strategic areas of the right infrastructure, precision in processes and superior skills. By honing these three operational areas, we have managed to achieve the perfect balance to optimize business opportunities. The Life Sales and Services team deserve a pat on the back for their passion and dedication to achieving and surpassing set targets. Further, our clients and shareholders have also been instrumental in offering unstinted support by placing their trust in us. AAI is treading a dynamic path and we will not rest until we reach the pinnacle of success.”
AAI has achieved rapid success within a short period of 11 years since it commenced operations in 1999. Today, it is a composite insurer which is one of the fastest growing insurance companies in the industry. The company has strengthened its credentials after its acquisition by the giant diversified conglomerate, the Softlogic Group, which is one of Sri Lanka’s corporate success stories. The joint synergies have given rise to immense opportunities, especially in the healthcare sector, since the Softlogic Group owns 65% of the total private healthcare market. AAI aims to leverage on these and further emerging opportunities to consolidate its position as a leading insurer in the country by crossing many more milestones in its exciting journey.