The profit before tax of Rs 921 million was the highest in the history of the Company. In the corresponding period of last year, it was Rs 350.5 million, thus showing a rise of 162.7 percent.
The profit after tax as on 30th of September 2005 was Rs 772.2 million compared to Rs 231.5 million in the last period, reflecting an increase of 233.5 percent.
In local operations, the Company made a profit of Rs 984.6 million against Rs 377.4 million in the corresponding period of last year, resulting in an increase of 160.9 percent. The earning per share of the Company increased to Rs 9.35 as compared to Rs 2.80 in the same period last year, the release added.
The core business of the company also reflected a satisfactory position. The premium written up to September 30, 2005 was Rs 5.1 billion as against Rs 4.3 billion in the last year, depicting an improvement of 18.6 percent, despite the fact that for the time being the company has stopped writing overseas business.
The underwriting results of the company registered significant rise of Rs 401.9 million from Rs 38.6 million last year, reflecting an increase of 941.1 percent.
The Directors were informed that the credit rating has been upgraded from AA- (Double A minus) to AA (Double A).
The company's nation-wide outreach and its financial strength, as reflected in its reserves and the diverse earning potential of its investment portfolio remain the key determinants of AICL's ratings.
AICL is well positioned within the local insurance industry with a strong franchise value.
The Directors appreciated the management's performance and said that the year end results of the company would express a marked improvement from last year 2004.-PR