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Oct 11, 2016 (LBO) – Shareholders of Asian Alliance Insurance today approved a special resolution to change its name into Softlogic Life Insurance, the company said in a stock exchange filing.
On 3rd October 2016, subsequent to receiving the requisite regulatory approvals, Union Assurance General Limited (UAG) – a Fairfax Company, acquired 100% shares of Asian Alliance General Insurance Limited (AAGI). AAGI, was formerly a part of the Softlogic Group, but now will continue to operate as a fully owned subsidiary of Union Assurance General (UAG).
Sept 02, 2016 (LBO) – Softlogic Capital PLC, the financial services holding company of the Softlogic Group, said it crossed the billion rupee profit mark and reported profit after tax of 1.1 billion rupees for the financial year ended March 2016.
WIN Youth Empowerment initiative which seeks to benefit 10,000 underprivileged rural youth wins accolade in the Social Empowerment category 2nd August 2016: For its contribution towards empowering underprivileged rural youth via the ‘WIN Youth Empowerment Programme’ – which seeks to eventually benefit 10,000 youth – Asian Alliance Insurance PLC has been recognized as a winner in the ‘Social Empowerment’ category at the prestigious Asia Responsible Entrepreneurship Awards (AREA) 2016.
Reaffirming its strong commitment to excellence in all key areas of operations, Asian Alliance Insurance has won acclaim at a national level for leadership in multiple subject areas – by bagging a record tally of four awards, the highest won by a single brand, at the inaugural Insurance Industry Awards of Sri Lanka 2016.
For its commitment and contribution to its members, Asian Alliance Insurance PLC has been recognized by the International Air Transportation Association (IATA) Agents’ Association of Sri Lanka (AASL) at the IATA-AASL Annual General Meeting (AGM) recently.
Asian Alliance Insurance has been recognized as one of Sri Lanka’s best work places by Great Place to Work® Institute, Sri Lanka. The ranking, carried out in partnership with the Ceylon Chamber of Commerce (CCC) and LMD magazine, is the world’s largest annual study of workplace excellence and has identified the top 25 best firms for 2016 in terms of workplace culture. Asian Alliance Insurance won this award for the first time, purely on its work culture, management practices and employee benefits.
Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH and FFH.U) announced that it has, through its wholly-owned subsidiary, Fairfax Asia Limited (“Fairfax Asia”), entered into an agreement with Asian Alliance Insurance PLC to acquire all of the issued and outstanding shares of Asian Alliance General Insurance Limited (“AAGI”), a Sri Lankan insurer. The transaction is subject to customary closing conditions and is expected to close by the fourth quarter of 2016.
Softlogic Holdings PLC and Fairfax Asia announce that they have signed an agreement to enter into a ten year exclusive general insurance Distribution Agreement. The consideration payable under this agreement is [LKR] 224,000,000.
Asian Alliance Insurance, a member of the Softlogic Group, has reaffirmed its position as the leader in Health Insurance by offering convenient and innovative solutions and now extends its ‘cashless hospitalization’ facility to 60 hospitals island wide – thereby bringing tremendous value to policyholders.