Insurance Profit

Aug 20, 2007 (LBO) – Sri Lanka’s Asian Alliance Insurance has reported a turnaround with a small net profit of 1.5 million rupees being made in the first half ended June, 2007. This compares with a loss of 8.3 million rupees in the same half last year.

In accounts posted for the first six month, the insurance company reported a 29 percent growth in revenue to 557.8 million rupees from 431.8 million the year before.

The gross written premium was up eight percent to 634 million rupees.

Insurance claims and benefits paid for the first half of the year was up 37 percent to 278.9 million rupees from 203 million in the same period last year.

Company assets increased 19.4 percent to 1.3 billion rupees while liabilities increased 23.8 percent to 1.2 billion.

Investment income doubled to almost 59 million rupees.

Asian Alliance operates through a network of 12 regional distribution offices in Sri Lanka.