12 December 2012

Tanzania: Insurer Stresses Professionalism

ALLIANCE Life Assurance has pledged to adhere to professionalism in delivery of its services, saying that approach is key in development of the insurance industry in the country.

This was said in Dar es Salaam by the Alliance Life Assurance Limited General Manager, Mr Aakash Mishra, at a news conference to highlight the firm's recent achievements.

The company was declared the winner in the 'Best Presented Financial Statements' category for the year 2011 during a function held in Arusha and hosted by the National Board of Accountants and Auditors (NBAA). Mr Mishra said that the award was testimony that the company was adhering to professional standards.

"It further testifies that the company operates on prudent practices where policyholders' money is invested wisely to meet its financial obligations," he stressed. The company is one of the fastest growing Life insurance companies in Tanzania.

It started operations in July 2010 and within the first two years it has settled Life insurance claims worth over 3bn/- to over 1,200 beneficiaries. "We are doing fine and our clients are happy with our services rendered to them," he said, commending it for introducing the "Best Financial Statement of the Year competition."

Mr Mishra said the award given to Alliance Life gives credence to the fact that the accounting practices followed by Alliance Life conform to International Financial Reporting Standards (IFRS) NBAA introduced the "Best Financial Statement of the Year" awards during the calendar year ending 31st December 2004.

The annual awards are aimed at improving financial reporting in Tanzania and also in assessing how companies have complied with the requirements of the International Financial Reporting Standards (IFSRs). NBAA is an accountancy regulatory professional body, operating under the Ministry of Finance and Economic Affairs (MoFEA).

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