|Asian Alliance achieves
Asian Alliance achieves the
solvency margin rule applicable in the year 2007, set by the
Insurance Board of Sri Lanka.
Asian Alliance Insurance has performed significantly well during
the first half of the year 2006, to reach a Gross Written
Premium (GWP) of Rs.585 Mn., a 28% growth over the last year.
The total investment of the company increased to Rs.760 Mn. from
Rs.565 Mn. (as at December 2005) and earned an investment income
of Rs.27.3 Mn. for the first half of the year, a 98% growth over
The significant achievements in efficiencies in underwriting and
claims management processes has resulted in a 4% improvement
over the last year in terms of underwriting results.
The company has met with the required solvency margins in
accordance with the solvency margin rule applicable in the year
2007, set by the Insurance Board of Sri Lanka.
The Life Division continues its upward trend in growth. The GWP
recorded is a 27% growth over the same period last year. The
Operating Surplus from the Life Division grew by 63%, over the
same period in the year 2005. Once again this achievement was
possible due to the efficiencies achieved in the sales and
underwriting processes of the company.
Despite the aggressive competition in the market, the Non Life
Division achieved a healthy growth rate of 28% in GWP over the
previous year. The company recorded a 30% non-motor growth in
the first half, with Fire and engineering achieving a growth of
36%, whilst Marine & Motor achieved growth rates of 85% & 25%
respectively. The Company plans to embark on to the next half of
the year, with improved services in underwriting, claims and
sound financial management, upholding the values of
Since its inception, AAIC has steadily made its mark in the Sri
Lankan insurance industry. It is backed by financially sound
leaders in their respective fields - Asia Capital Ltd., Richard
Peiris & Company Ltd. and Sampath Bank Limited.
This strong support ensures that AAICL has the right expertise
and reach to propel itself to greater heights in the highly
competitive insurance industry in Sri Lanka.
Brandix goes to South India
By Ravi Ladduwahetty
Sri Lanka’s frontline apparel manufacturer Brandix Lanka Ltd
with international apparel partners will be investing up to USS
1 billion for an apparel industrial estate in the Southern
Indian city of Vishakapatnam within the next five years.
Brandix India Apparel City (Pvt) Ltd CEO Peter Sun told a news
conference at the Trans Asia Hotel on Friday that the project
will envisage the setting up of raw material bases for the
gigantic Indian apparel sector while also catering to the export
of finished goods from the Indian sub continent to the European
Union and the United States.
Tagged under the corporate name of Brandix India Apparel City (Pvt)
Ltd, the project envisages the setting up of 20 apparel and
fabric outlets in an economic zone spanning 1000 acres where a
consortium led by Brandix will inject US$ 35 million for the
setting up of the infrastructure. The project partners for the
infrastructure will include other regional giants such as CMT of
Mauritius. Brandot of USA, Pioneer Elastics of Hong Kong Quantum
Clothing of UK and Galleon Fund owned by US Hedge Fund Manager
The Indian apparel industry is valued at US$ 17 billion and the
policy makers have decided to increase it to US$ 50 billion in
five years. So, we have a US$ 33 billion opportunity, Peter Sun
said. The project will also commence with an underwear plant and
a fabric mill at the commencement which will be at a cost of US$
12 million each.
He explained that most of the major global players were setting
up operations in the Indian sub continent which included the JC
Penny which had invested US$ 800 million, Wal-Mart some US$ 10
billion, GAP US$ 600 million and it was also the vision of the
Indian operation to add value to the group while making Sri
Lanka the regional apparel hub. He asserted that the Brandix
Group was adamant that it was not going to relocate the Sri
Lankan production in India. We will carry on with the Sri Lankan
operations while continuing with the Indian operation, he