Alliance Insurance Corporation (AIC) has announced a net profit increase of about 60 per cent to 6.66bn/- last year.
AIC, which posted uninterrupted profits year after year since its inception in 1998, attributed the profit to net earned premium that generated 26.55bn/- in 2014 compared to 20.72bn/- in 2013.
The financial statement issued shows that net claims payable - claims minus recoverable from reinsurance - went up slightly to 14.3bn/- in 2014 from 11.18bn/- in 2013.
The net claims pushed up total expenses for the year under correspondence by almost a quarter to 29.01bn/- from 23.83bn/-.
The firm was for three years adjudged by Superbrand as Best Insurance Company between 2012 and 2014, total assets grew to 82.23bn/- in 2014 from 63.05bn/- in 2013.
While AIC liabilities increases to 50.29bn/- from 40.12bn/-. The general insurer holds a President’s Manufacturer of the Year Award for the past five years.
AIC which opens door a decade and half ago offers a whole spectrum of insurance ranging from fire, marine, motor, engineering and several others plus some comprehensive packages including personal and business needs.
AIC, which posted uninterrupted profits year after year since its inception in 1998, attributed the profit to net earned premium that generated 26.55bn/- in 2014 compared to 20.72bn/- in 2013.
The financial statement issued shows that net claims payable - claims minus recoverable from reinsurance - went up slightly to 14.3bn/- in 2014 from 11.18bn/- in 2013.
The net claims pushed up total expenses for the year under correspondence by almost a quarter to 29.01bn/- from 23.83bn/-.
The firm was for three years adjudged by Superbrand as Best Insurance Company between 2012 and 2014, total assets grew to 82.23bn/- in 2014 from 63.05bn/- in 2013.
While AIC liabilities increases to 50.29bn/- from 40.12bn/-. The general insurer holds a President’s Manufacturer of the Year Award for the past five years.
AIC which opens door a decade and half ago offers a whole spectrum of insurance ranging from fire, marine, motor, engineering and several others plus some comprehensive packages including personal and business needs.
Source: Daily News, reported from Dar es Salaam, Tanzania
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