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Composite Insurer Amãna Takaful PLC reported a profit of Rs. 49.7 million as per the unaudited accounts for 2012 with an impressive growth of 22.4% in Gross Written Premium, well above the industry’s 10.6%.
The company’s performance in terms of total Gross Written Premium (GWP) of Rs. 1,553.8 million for 2012 compares with Rs.1, 269.1 million of 2011. In this performance, the General Insurance business accounted for Rs. 1,193.9 million, growing significantly at 23.7% over 2011.
The Life segment’s Gross Written Premium of Rs. 359.9 million, reflects a growth of 18.5% in the same comparison. These results reflect a substantial upside against the industry performance of 14.6% and 5.5% on General and Life businesses respectively. (Source IASL)
ATPLCs General business performance was well supported by a refreshing growth of 31.7% in the Non-Motor portfolio, while the premier Motor portfolio grew by a modest 20.8%. Its Medical portfolio’s GWP growth of 42.4% has come through with enlistment of new corporates and the flexibility to tailor-make offers. As a consequence, the Motor - Non-Motor mix improved to 72:28 in line with our strategy for a balanced portfolio. From an industry standpoint, the company’s market share improved from 2% to 2,3%, while retaining its market position, despite fierce price competition and the entry of new players.
In the Life segment, ATPLC’s protection products showed good promise since re-launch in June, while Prosper - the Unit Link offer is attracting increasing subscription, despite the equity market volatility, with a growth of 45.2% compared to a year ago. These performances drove the Life Fund during the year by a substantial 30.7%. Moreover, ATPLC’s average weighted premium in Life policies remains steadfast at the number two slot among Life players in the industry. (Source IASL).
ATPLC’s underwriting result improved from the 3rd Quarter, principally on account of better production, prudent management of the Motor portfolio, through the re-fashioning of its motor product and streamlining the under-writing and claims process.
Notwithstanding the slide in the equity market conditions, the judicious management of the diversified investment portfolio yielded an upside, principally in bullion, boosting significant returns over the previous year. The aforementioned performance improvements and investment returns helped to mitigate the over-run on motor claims and return to profits after 5 years. The profit out-turn of Rs 49.7 Million compares with a loss of Rs 109 Million reported in 2011.
At Group level, a consolidated profit of Rs. 135.7 Million is reported prior to minority interest, in which the Maldives Takaful operation contributed substantially among the other subsidiaries. Amãna Takaful Maldives (ATM), now in its first year of operation as a PLC, recorded a GWP of MRF 71.5Million (LKR 607.4 Million) for the year posting a commendable growth of 66% over 2011. The profit arising from this business performance is MRF 9.4 Million (LKR 80.3 Million), of which 45% is attributed to minority shareholders.
“Responding to market dynamics, the re-launch of our Life products in June, followed by the re-fashioning of our motor flagship brand -Total Drive in July, the company’s portfolio is now in much better shape to take advantage of the immense potential in these segments,” said Fazal Ghaffoor, CEO, Amãna Takaful PLC commenting on the performance on the company.
“Productivity gains through prudent cost management and process improvement are giving the much needed impetus to improve business results and service delivery,” added Ghaffoor. Amãna Takaful’s geographic foot-print has expanded to Trincomalee, Batticaloa, Jaffna and Hambantota with the opening of new branches which re-emphasizes that Takaful is available to all Sri Lankans. Four other branches have been re-located and refurbished with state of the art connectivity to cater to customer touch points.
“I am pleased to say that in spite of the challenging market forces at play, Amãna Takaful has been focussed on delivering stakeholder expectations and returning to profit. I am confident that this growth momentum will be sustained in the coming year” said Tyeab Akberally, Chairman, Amãna Takaful PLC, in his review of the Company’s performance.
http://www.dailynews.lk/2013/03/15/bus07.asp
The company’s performance in terms of total Gross Written Premium (GWP) of Rs. 1,553.8 million for 2012 compares with Rs.1, 269.1 million of 2011. In this performance, the General Insurance business accounted for Rs. 1,193.9 million, growing significantly at 23.7% over 2011.
The Life segment’s Gross Written Premium of Rs. 359.9 million, reflects a growth of 18.5% in the same comparison. These results reflect a substantial upside against the industry performance of 14.6% and 5.5% on General and Life businesses respectively. (Source IASL)
ATPLCs General business performance was well supported by a refreshing growth of 31.7% in the Non-Motor portfolio, while the premier Motor portfolio grew by a modest 20.8%. Its Medical portfolio’s GWP growth of 42.4% has come through with enlistment of new corporates and the flexibility to tailor-make offers. As a consequence, the Motor - Non-Motor mix improved to 72:28 in line with our strategy for a balanced portfolio. From an industry standpoint, the company’s market share improved from 2% to 2,3%, while retaining its market position, despite fierce price competition and the entry of new players.
In the Life segment, ATPLC’s protection products showed good promise since re-launch in June, while Prosper - the Unit Link offer is attracting increasing subscription, despite the equity market volatility, with a growth of 45.2% compared to a year ago. These performances drove the Life Fund during the year by a substantial 30.7%. Moreover, ATPLC’s average weighted premium in Life policies remains steadfast at the number two slot among Life players in the industry. (Source IASL).
ATPLC’s underwriting result improved from the 3rd Quarter, principally on account of better production, prudent management of the Motor portfolio, through the re-fashioning of its motor product and streamlining the under-writing and claims process.
Notwithstanding the slide in the equity market conditions, the judicious management of the diversified investment portfolio yielded an upside, principally in bullion, boosting significant returns over the previous year. The aforementioned performance improvements and investment returns helped to mitigate the over-run on motor claims and return to profits after 5 years. The profit out-turn of Rs 49.7 Million compares with a loss of Rs 109 Million reported in 2011.
At Group level, a consolidated profit of Rs. 135.7 Million is reported prior to minority interest, in which the Maldives Takaful operation contributed substantially among the other subsidiaries. Amãna Takaful Maldives (ATM), now in its first year of operation as a PLC, recorded a GWP of MRF 71.5Million (LKR 607.4 Million) for the year posting a commendable growth of 66% over 2011. The profit arising from this business performance is MRF 9.4 Million (LKR 80.3 Million), of which 45% is attributed to minority shareholders.
“Responding to market dynamics, the re-launch of our Life products in June, followed by the re-fashioning of our motor flagship brand -Total Drive in July, the company’s portfolio is now in much better shape to take advantage of the immense potential in these segments,” said Fazal Ghaffoor, CEO, Amãna Takaful PLC commenting on the performance on the company.
“Productivity gains through prudent cost management and process improvement are giving the much needed impetus to improve business results and service delivery,” added Ghaffoor. Amãna Takaful’s geographic foot-print has expanded to Trincomalee, Batticaloa, Jaffna and Hambantota with the opening of new branches which re-emphasizes that Takaful is available to all Sri Lankans. Four other branches have been re-located and refurbished with state of the art connectivity to cater to customer touch points.
“I am pleased to say that in spite of the challenging market forces at play, Amãna Takaful has been focussed on delivering stakeholder expectations and returning to profit. I am confident that this growth momentum will be sustained in the coming year” said Tyeab Akberally, Chairman, Amãna Takaful PLC, in his review of the Company’s performance.
http://www.dailynews.lk/2013/03/15/bus07.asp
