Tanzania's Alliance insurance profit up 60%

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.
Source: Daily News, reported from Dar es Salaam, Tanzania
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