Takaful - Sri Lanka: Amana Takaful reports sturdy results for 2015
Source: Middle East Insurance Review | Jun 2016
Amana Takaful (ATPLC) has 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 LKR3.24 billion (US$22.1 million), an increase of 22.2% over 2014.
The Group includes Amana Takaful, Amana Takaful Life, Amana Takaful Maldives and Amana Global.
At the company level, ATPLC reported profits for 2015 of LKR265.3 million, largely from a one-off transfer of an investment from its fully owned subsidiary Amana Global, reported the Daily News. ATPLC also grew its composite GWP to LKR2.48 billion. This includes a revenue of LKR928.3 million from the life business, reflecting a growth of 20.5% which was faster than the industry’s 17.4%.
Amana Takaful Chairman Tyeab Akbarally said: “With a record number of new motor registrations and the 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.”
LKR10 = US$0.07