Sri Lanka: Amana Takaful transfers life business to new unit

Source: Middle East Insurance Review | Apr 2015

Amana Takaful, the only fully-fledged takaful operator in Sri Lanka, has announced the transfer of its life insurance business to Amana Takaful Life Limited. This is in compliance with regulatory requirements stipulating that all composite insurance providers segregate their long-term and general insurance businesses.

Amana Takaful Life will be a fully-owned subsidiary of Amana Takaful, with a paid-up capital of LKR500 million (US$3.8 million). All family takaful policies held by policyholders of Amana Takaful will now be transferred to the new company.

Amana Takaful distributed a surplus to policyholders of 12.5% in 2013 and 15% in 2014.

LKR100 = US$0.75

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