Amana Takaful group records 3Q profit of Rs. 128 mn

24 November 2017 11:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

Amana Takaful groups’ growth and profit momentum continues into the 3rd quarter netting in a pre-tax result of Rs. 128.5 million for the period ending September 2017. This compares with a loss of Rs 96.5 million in the same period last year.


With a modest 7 percent upside on Gross Written Premium (GWP) of Rs. 2.8 billion for the 9 months, the re-structured group has been able to harness a return of Rs. 285 million on its investment assets in a relatively lackluster environment. Amana Takaful PLC, Amana Takaful Life PLC and Amana Takaful Maldives have all positively contributed to this performance.


“Steering a delicate balance of Portfolio restructure, a selective underwriting and prudent risk appetite, tight productivity measures together with a robust claims management ethos, the group is better positioned now to meet and exceed stakeholder expectations,” says Group Chairman Tyeab Akbarally.


Amana Takaful PLC generated a GWP of Rs.1.32 billion,10 percent ahead over the corresponding period in 2016. The profit before tax out-turn of Rs.46 million compares with a loss of Rs. 111 million in 2016. A better than expected performance of 32 percent on the non-motor classes, medical and micro takaful segments totally mitigated the downside in motor revenue. Claims on account of the recent flood were disbursed on time and in full. Motor loss ratios improved significantly to 58 percent vs. 76 percent a year ago. Performance of the company’s new product lines have been exemplary.The combined ratio has improved markedly to 102 percent from 118 percent a year earlier.


Following a conscious decision to re-align its portfolio strategy, Amana Takaful Life PLC, listed onthe CSE in August 2016, more than doubled its profit to Rs. 32 million in the nine months to September, from the previous period’s result of Rs. 14 million. On account of phasing out a product line, the total GWP in the nine months is 95 percent of the previous year. However, the long term endowment life plans continue to grow in line with expectations, boosting the Life Fund by 11 percent.
The off-shore operation Amana Takaful Maldives PLC, the only listed entity among industry players in the Maldives Stock Exchange, chugged along steadily with 7 percent growth in GWP, 61 percent upside in profit before tax compared to the previous year, while defending its market share despite the advent of new competition. Hereto, new product lines have delivered promising performance. Productivity measures have mitigated the rise in re-takaful expenditure and an upsurge in claims cost.


Both Amana Takaful PLC and Amana Takaful Maldives PLC emerged winners of the Gold Award for single entity Takaful operators at the recent Islamic Finance Forum for South Asia.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

“I am the Godfather of Russian tourists” - Udayanga Weeratunga

Former Sri Lankan Ambassador to Russia Udayanga Weeratunga is back in the sce

Sri Lankan migrant workers still in limbo

Sri Lanka’s migrant workers are a significant part of our economy, with the

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.