Mar 02, 2008 (LBO) – Sri Lanka’s Asian Alliance Insurance (AAIC) profits were up 60 percent to 113 million rupees with investment income more than doubling during 2007, audited accounts of the company showed. Assets in the life business went up to 1.1 billion rupees from 738 million and total assets were up to 1.9 billion rupees from 1.6 billion rupees. Investment income rose 120 percent from 69 million rupees to 153 million rupees.
Gross written premium rose 9 percent to 1.27 billion rupees, and net premium after re-insurance costs of 318 million was 955 million rupees.
However general insurance premiums were lower at 383 million rupees from 417 million rupees.
“Despite challenging market conditions, particularly in terms of aggressive price competition, the management took prudent steps to sustain the company’s pricing policy to bring about parity in terms of the exposure of risk in relation to the premium rates charged,” chief executive Ramal Jasinghe told shareholders in the annual report.
Jasinghe said it was working closely with the regulator, the Insurance Board of Sri Lanka to ensure “guidance and compliance” in the company’s activities.
The firm had streamlined its investmen