Former Managing Director of Allied Insurance Company of the Maldives Ahmed Ameel has revealed the net revenue of the company increased 95%, which is the first time in Maldives a company attained such a high increment.
Addressing the ceremony held to mark the 34th anniversary of Allied Insurance, the former managing director spoke on the success of the company in 2018. Noting the insurance capacity increased to a record amount along with the net revenue, Ameel stated the insurance capacity amounted to USD 140 million. Ameel noted Allied is one of the companies with the highest insurance capacity in the region. He revealed nearly USD 8.4 million was paid to customers as claims last year.
Speaking regarding the upcoming events and projects for the year, the new Managing Director Mohamed Shafaz said one main project is introducing new policies.
During the ceremony, Allied Insurance introduced new policies including boat insurance and life insurance policy introduced for Ooredoo Club Premier customers.
In 1985, Allied Insurance started off as a joint venture between UK-based Commercial Union Assurance Company and State Trading Organisation (STO), the nationwide leader of all commercial activities in Maldives. In early 1987, STO bought back shares of Commercial Union Assurance chartering Allied Insurance to continue doing the business as a subsidiary of the organisation.