Amana Takaful PLC (ATPLC) recorded sound growth in 2015 and strengthened its position as the leading fully fledged Takaful service provider in Sri Lanka. The group reported a consolidated revenue of Rs. 3.24 billion, an increase of 22.2% over 2014 whilst sustaining good underwriting results. The Group includes Amana Takaful, Amana Takaful Life Ltd., Amana Takaful Maldives and Amana Global Ltd.
At the company level ATPLC reported profits for 2015 of Rs 265.3 million coming from a one-off transfer of an investment from its fully owned subsidiary Amana Global Ltd.
ATPLC also grew its composite Gross Written Premium (GWP) to Rs. 2.48 billion. This includes a revenue of Rs 928.3 million from the Life business, reflecting a growth of 20.5% ahead of the industry’s 17.4%. The company defended its market share at 2%. The forerunner in this growth is Amana Takaful Life, which recorded a significant upside of 36.7%, over-performing the Life industry’s year on year growth of 20%.
Meanwhile, the company embarked on a 3 year Strategic Plan for the period 2015-2017, the first of which has just concluded, according to which the segregated Life business as a wholly-owned subsidiary of Amana Takaful PLC (ATPLC), achieving a seamless transformation under the name and style of Amana Takaful Life Ltd.
“With a record number of new motor registrations and resultant congestion and mishaps, compounded by rate cutting, the loss ratios were substantially higher, with ATPLC being no exception. While the market has recognised the negative consequences of rate-cutting as a competitive strategy, a correction in pricing is clearly an imperative to service cost of claims and spares,” Amana Takaful Chairman Tyeab Akbarally said.
www.dailynews.lk
At the company level ATPLC reported profits for 2015 of Rs 265.3 million coming from a one-off transfer of an investment from its fully owned subsidiary Amana Global Ltd.
ATPLC also grew its composite Gross Written Premium (GWP) to Rs. 2.48 billion. This includes a revenue of Rs 928.3 million from the Life business, reflecting a growth of 20.5% ahead of the industry’s 17.4%. The company defended its market share at 2%. The forerunner in this growth is Amana Takaful Life, which recorded a significant upside of 36.7%, over-performing the Life industry’s year on year growth of 20%.
Meanwhile, the company embarked on a 3 year Strategic Plan for the period 2015-2017, the first of which has just concluded, according to which the segregated Life business as a wholly-owned subsidiary of Amana Takaful PLC (ATPLC), achieving a seamless transformation under the name and style of Amana Takaful Life Ltd.
“With a record number of new motor registrations and resultant congestion and mishaps, compounded by rate cutting, the loss ratios were substantially higher, with ATPLC being no exception. While the market has recognised the negative consequences of rate-cutting as a competitive strategy, a correction in pricing is clearly an imperative to service cost of claims and spares,” Amana Takaful Chairman Tyeab Akbarally said.
www.dailynews.lk
No comments:
Post a Comment