Asian Alliance rewards ‘Generation of Innovation’ at Life Sales Convention

G. M. Lahiru Maduranga of Nugegoda branch (third from right) receiving the most coveted award at the ceremony for the ‘Most Valuable Sales Person’ from Asian Alliance Insurance PLC Chairman – Ashok Pathirage. The others in the picture are (from left) Asian Alliance’s Managing Director – Iftikar Ahamed, Life COO – Chula Hettiarachchi, Deputy Chairman – Paul Ratnayake and Director – Ramal Jasinghe

Asian Alliance Insurance PLC rewarded their top performers at a glittering Life Sales Convention held at the BMICH on 29th March. 

The gala celebration is now slated as the best sales event in the industry with invitations to participate limited only to the best performers of the year. This year’s Life Sales Convention of the company was held under the fitting theme of ‘Generation of Innovation’ – in reference to the company’s continuous pursuit of excellence via innovation.

Asian Alliance Insurance is enjoying great momentum in its Life business having completed a superlative performance in 2015. Life Insurance Gross Written Premium (GWP) was a spectacular Rs. 4.1 billion – an increase of 35 percent. First year premiums were recorded at Rs. 1.3 billion, growing by 42 percnet with an absolute growth of Rs. 390 million - which is within the top three in the industry. Typically first year premium growth is a leading indicator of an Insurance company’s near-term potential and is a clear signal of the growth and development potential of the company. Asian Alliance Insurance Life, achieved Profit After Tax (PAT) growth of 18 percent year-on-year (YoY), boosting PAT to Rs 992 million. Total Assets as at 31st December 2015 stood at Rs 9.8 billion – an improvement of 29 percent from the previous year.

Every year the high-ranking performers from the Life Sales division of the company take the stage in a spectacular setting designed to reward, energise and motivate all those who have made an exemplary and outstanding contribution to the company’s performance. They were applauded by the capacity crowd present for the evening that included distinguished invitees comprising Chairman of Asian Alliance Ashok Pathirage, the Board of Directors and Senior Management of 
the company. 

“The Life industry has tremendous opportunities over the medium term and the performers who are being rewarded and felicitated at the Annual Sales Convention are those who are our company’s most valuable resource,” stated Ashok Pathirage, Chairman of Asian Alliance Insurance PLC. He stated further, “We will continue to nurture and develop their capabilities to win through innovation that is aimed mostly at delivering convenient customer solutions through affordable technology, while ensuring that competitive operational efficiencies are realised, thereby creating a sustainable competitive advantage in the industry.” 

Asian Alliance Insurance PLC is held by Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG that are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany respectively.