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Friday, 11 April 2014

Amana Takaful posts Rs 117 m profit in 2013

Amãna Takaful has posted a profit after tax of Rs. 117 mn for 2013, representing an eightfold increase over the previous year's restated profits. Following its turnaround in 2012, the company has consistently demonstrated its capability in improving results supported by all aspects of its business 

Taking into consideration the challenges faced in the operating environment by extraneous circumstances in early 2013, Amãna Takaful continued its track record of growth in both Life and General segments of the business. Consolidated Gross Written Premium (GWP) of Rs. 1.9 bn showed an increase of 19.7% over 2012. Commenting on the achievements for 2013, CEO of Amãna Takaful Fazal Ghaffoor said the Life segment contributed to the overall growth in volume, the modest increase in the General segment contributed largely to profits.
This was possible mainly due to our ability to hold price, in addition to productivity gains and efficiency improvements, despite pressure on margins."
This growth is twice the industry pace, a feat the company has consistently achieved in the last 3 years. Individually, GWP of the General and Life segments of the business recorded Rs. 1.32 Bn and Rs. 543 Mn respectively.
The Life business growth was balanced with new subscriptions between the Regular Portfolio and Prosper, with the wealth management product growing collectively by almost 50% over 2012.
The motor and non-motor classes improved by 9.8% and 13.3% respectively. Motor class achieved product-line profitability for the first time in a full year while all other classes continued their profit momentum.
Ghaffoor said: “The net claims experience was Rs. 595 mn, which is 2.9% over 2012. Industrywide, Amãna Takaful has a record of a relatively low claims ratio, attributable to astute claims management due to prudent underwriting and risk assessment. This is reflected in our claims ratio of 54.2% for the segment, which is the lowest amongst the insurance players who are listed in the Colombo Stock Exchange. The combined ratio of the segment is 97% and as a consequence the risk fund is in surplus for the second successive year, enabling the Company to distribute a surplus to non-claimant participants this year too. This keeps in line with our momentum in 2012 where we distributed a surplus of 12.5% to all non-claimant participants.
(Daily News / 09 April 2014)
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