Ifthikar new MD at Asian Alliance; Ramal retained as CEO

Wednesday, 18 December 2013 00:45 - - {{hitsCtrl.values.hits}}

In an apparent shake up at the top, Asian Alliance Plc yesterday announced the appointment of Ifthikar Ahamed as its Managing Director whilst retaining Ramal Jasinghe as CEO and Director of the Board. Asian Alliance Chai-rman Ashok Pathirage told the Daily FT that the move was to strengthen the management and performance of the company. The post of Managing Director is a newly-created one whilst some analysts said the move could be a precursor to complying with legislations requiring the splittinag of Life and General business.

Softlogic Holding Plc owns a 59% stake whilst two funds from Netherlands and Germany hold 18% each in Asian Alliance. Ramal joined Asian Alliance in April 2005 and has remained with the company despite several rounds of ownership changes. He counts 18 years in the insurance industry. Financial services specialist Ifthikar Ahamed joined the Softlogic Group in 2010 as an Executive Director. He was also an Executive Director at Asian Alliance. He is responsible for overseeing the Group Treasury and its Financial Sector. With over 27 years of experience in the financial services industry, including senior positions at reputed banks, both in Sri Lanka and abroad, he has extensive insights in the Treasury and banking sectors. Ahamed holds an MBA from the University of Wales, UK. Jasinghe presently serves as the President of the Insurance Association of Sri Lanka (IASL) and was invited by the global reinsurer Munich Re to address the International Executive Forum held in Cape Town, South Africa, which was a unique privilege extended to a Sri Lankan. With career experience exceeding over 30 years in the fields of manufacturing, marketing and general management, which includes over 18 years in the insurance industry, Jasinghe started off his career in the manufacturing industry and thereafter entered industrial marketing. He holds a MBA from the University of Sri Jayewardenepura and is a Chartered Marketer; Fellow of The Chartered Institute of Marketing, UK (FCIM) and the Academy of Marketing Sciences, USA (FAMS). Jasinghe is an alumnus of the Stanford Executive Business School California, and has trained in The Top Management Program on Strategic Management at the Indian Institute of Management, Ahmadabad. He serves as a member of the Financial System Stability Consultative Committee at the Central Bank (FSSCC), Chairman of the Insurance Committee of The National Chamber of Commerce of Sri Lanka (NCCSL). In the first nine months of FY13, Gross Written Premium of Asian Alliance was Rs. 2.99 billion, up by 31% whilst net figure was up 37% to Rs. 2.5 billion. However, the Company ended the third quarter with a net loss of Rs. 118.5 million, as against a loss of Rs. 65.5 million a year earlier. This was owing to net insurance benefits and claims increasing by 68% to Rs. 1.57 billion and other expenses rising by 28% to Rs,. 1.37 billion. Total assets as at 30 September 2013 were Rs. 6.88 billion, up from Rs. 5.4 billion a year earlier. 13-year old Asian Alliance in FY 2012 saw net profit up 137% to Rs. 74.7 million as against a loss of Rs. 194 million in the previous year. Between 2008 and 2010, the Company’s pre-tax profit ranged between a high of Rs. 370.5 million and a low of Rs. 131 million. Gross Written premium Life was Rs. 2.03 billion, up from Rs. 970 million in 2008 and Non life business was Rs. 1.19 billion, up from Rs. 459 million in 2008. The Board of Directors of Asian Alliance Plc comprises Ashok Pathirage (Chairman), Paul Ratnayeke (Deputy Chairman), Ifthikar Ahamed (Managing Director), Ramal Jasinghe (CEO), Sujeewa Rajapakse, Ray Abeywardena, J.W.H. Richters and J.K. Mukthi.