Composite Insurer - Amãna Takaful PLC, recorded a profit of Rs. 24.8 million for the period of nine months for the financial year ending 30 September 2014. The company recorded a 36% increase in profit after tax and 15% growth of total revenue over the same period of the previous year. At group level, the consolidated profits grew by 13% while the profits of Rs. 56.9 million were attributable to the equity holders of the parent company, growing by 27% in comparison to the previous year.
The Life segment of the company outperformed the industry in terms of Gross Written Premium and grew by 26% over the period under comparison, supporting the company's growth, despite revenue of the General segment remaining flat. This performance enabled Amãna Takaful to increase its market share in the Life industry, while securing its position in the overall industry.
Fazal Ghaffoor, CEO, Amãna Takaful stated, "The healthy trend in the General Insurance industry, following the post war years, has been stifled significantly in 2014 to just under 2%. With Motor insurance accounting for almost two-thirds of the industry portfolio, price cutting in this class continues unabated, adversely affecting GWP growth. Furthermore, claims servicing costs and repairs continue to escalate. I believe that some sanity and floor-prices need to be implemented in a timely manner to address this issue."
The company, with prudent treasury management strategies generated an investment income of Rs. 182 million, which was 87% over the same period last year. This increase supported the profitability of the company and the group.
Amãna Takaful PLC, the only fully-fledged Takaful operator in Sri Lanka recently opened its 27th branch in Muttur, in the Eastern Province. Having further identified the increased health needs of people, Amãna Takaful recently launched 'Suwasiri' a medical insurance product with hospitalization benefits of up to Rs. 100,000/- per person. This new insurance cover was launched in September 2014 to meet the growing needs of the mass market.
www.island.lk
The Life segment of the company outperformed the industry in terms of Gross Written Premium and grew by 26% over the period under comparison, supporting the company's growth, despite revenue of the General segment remaining flat. This performance enabled Amãna Takaful to increase its market share in the Life industry, while securing its position in the overall industry.
Fazal Ghaffoor, CEO, Amãna Takaful stated, "The healthy trend in the General Insurance industry, following the post war years, has been stifled significantly in 2014 to just under 2%. With Motor insurance accounting for almost two-thirds of the industry portfolio, price cutting in this class continues unabated, adversely affecting GWP growth. Furthermore, claims servicing costs and repairs continue to escalate. I believe that some sanity and floor-prices need to be implemented in a timely manner to address this issue."
The company, with prudent treasury management strategies generated an investment income of Rs. 182 million, which was 87% over the same period last year. This increase supported the profitability of the company and the group.
Amãna Takaful PLC, the only fully-fledged Takaful operator in Sri Lanka recently opened its 27th branch in Muttur, in the Eastern Province. Having further identified the increased health needs of people, Amãna Takaful recently launched 'Suwasiri' a medical insurance product with hospitalization benefits of up to Rs. 100,000/- per person. This new insurance cover was launched in September 2014 to meet the growing needs of the mass market.
www.island.lk
No comments:
Post a Comment