JKSB Quarterly Highlights_Asian Alliance Insurance PLC (AAIC)_1QCY16
​AAIC reported a moderate 6% YoY increase in earnings for 1QCY16, with strong growth in premium revenues for both the LI (life insurance) and GI (general insurance) businesses being partially offset by 1) a sharp 87% YoY increase in underwriting and acquisition costs, stemming from new business strain (higher commission expenses in-line with a 2x YoY increase in first year life premiums); and 2) a 79% YoY increase in other operating and admin expenses, due to the skew from a one-off adjustment in 1QCY15. The company transferred a life surplus of Rs. 250mn for the quarter (+9% YoY), with a significantly larger surplus transfer expected in 4QCY16 due to the use of GPV based life fund valuation with the shift to a RBC framework.
•JKSB is one of 15 founding members of the Colombo Stock Exchange with roots in share trading dating back to 1896, and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange with a market capitalization of US$ 1.3bn.
•JKSB’s core client base is Foreign Institutional Investors, Local Institutions and HNWI’s
•JKSB has a co-branded Research tie up with CIMB and a Research Referral agreement with Credit Suisse, along with trade execution relationships with several other global and regional securities firms.
•JKSB’s trade execution partners include Credit Suisse, CIMB, Merrill Lynch, Exotix, Daiwa, Convergex, Deutsche Asia Securities and Morgan Stanley
•JKSB is a research contributor to Bloomberg on ‘KEEL’
•The JKSB Research Universe covers 72 stocks across 15 sectors, with most Research efforts focused on approximately 45 of the more liquid counters.
•The JKSB Universe constitutes 67% of total market cap and approximately 80% of turnover at the CSE.
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