Asian Alliance Insurance concludes 9th Annual General Meeting

Asian Alliance Insurance recently held its 9th Annual General Meeting with its Deputy Chairman, Mr. Paul Ratnayeke applauding the Company for marking yet another exceptionally successful year.

The Company recorded a profit before tax of Rs. 114 Mn. for the year 2007; which is up by 63% growth over the previous year.

Addressing the Shareholders, the Deputy Chairman assured them that the Company will do its utmost to provide shareholder value as discussed at the previous years Annual General Meeting.

For the future of the Company, the Chief Executive Officer, Mr. Ramal G. Jasinghe, enlightened the Shareholders that the expectations are indeed promising, supported by prudent management of the Company’s core operations.

The Investments of the Company grew by exploiting the prevailing investment rate environment, with the yield increasing to an average of 14.5% with an increase to Rs. 1.5Bn. The Company met the required Solvency Margin of Non Life with a Solvency Ratio of 4.10 and of Life with a Solvency Ratio of 3.15 based on the Solvency rules applicable.

The conservative management approach adopted over the last 3 years, succeeded in erasing the accumulated losses, and increasing the shareholder equity to Rs. 268 Mn. It was further expressed that the Company endeavors to be the most value driven insurance company and a force to be reckoned within the insurance industry in the near future.