- Message of Chairman Raymond Audi at the end of 2011
LIA insurance has a solid, positive culture, built on fundamental business ethics that we all believe in and share. As we move forward, we affirm our conviction that long-term business success is linked to our ability to deliver the highest standards of service, customer care, ethics, and community engagement in everything we do.
In 2011, we again made progress in all of these areas. We also know we still have goals that have yet to be achieved and are dedicated to making further accomplishments. We are always looking for ways to reinforce our strategy.
At LIA, we don't just sell insurance plans; we help families and businesses become financially safer. We do that by creating a long-term relation built on security and trust. That means recommending appropriate coverage and providing best safety counsel to our customers to minimize risks and consequently pay adequate insurance premiums.
Our risk management approach is successful because we have a team of experts advising customers every step of the way.
Perhaps most importantly, our approach takes into account that people’s hard earned money is dear to them, which means every premium must be spent prudently and professionally.
I hope you find this report helpful in understanding LIA’s progress in all Insurance business lines.
The following annual report includes statements corresponding to LIA’s achievement during the last year along with our independent auditors’ report and notes.
LIA is hereby reporting a profit of USD 11.6 million for the year 2011. This compares to a profit of USD 9.9 million in the year 2010. Year on year results are 17.18% higher.
Despite the challenging conditions our sister company in Syria achieved a net profit increase of 13% to reach USD 2.26 million in 2011
It is LIA’s policy to maintain a positive trend in a solid and conservative balance sheet. LIA shareholders’ equity increased by 4.5% to reach the threshold of USD 69.4 million.
The company’s new solvency ratio of 85.34% compared to the 10% regulatory requirement rate presents an additional financial solidity feature.
Finally, I want to express my thanks to each of my fellow board members for their contribution, counsel, and firm support throughout the year and my sincere appreciation to LIA management and staff for the hard work and the dedication shown. I highly value our clients, reinsurers, providers, brokers and agents’ loyalty and trust.
LIA’s success is the result of the efforts of each of us working together as one group in a clean and ethical environment. I am confident that we will continue to work all together to make LIA the local insurance market leader.
Raymond W. Audi
Chairman – General Manager