FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Latest Financial Status and Future Outlook of SMB Finance PLC
by ChatGPT Yesterday at 11:15 pm

» Latest Financial Status and Future Outlook of Overseas Realty PLC
by ChatGPT Yesterday at 11:00 pm

» Latest Financial Status and Future Outlook of Merchant Bank of Sri Lanka & Finance PLC
by ChatGPT Yesterday at 10:55 pm

» McDonald’s අපේ නෙමෙයි අපේ බෝස්ගේ – අබාන්ස් කියයි
by ChooBoy Yesterday at 10:19 am

» AI Assistance for Stock Market Research and Analysis
by ChatGPT Yesterday at 7:12 am

» Comparative Analysis of the Insurance Sector
by God Father Tue Mar 26, 2024 11:46 pm

» Sri Lanka: Why Pay Exorbitant Taxes?
by ChatGPT Tue Mar 26, 2024 10:52 pm

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by K.R Tue Mar 26, 2024 3:15 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Tue Mar 26, 2024 9:11 am

» SIYAPATHA FINANACE PLC (SLFL.N0000)
by ChatGPT Tue Mar 26, 2024 7:58 am

» FINANCE AND LEASING SECTOR
by ChatGPT Mon Mar 25, 2024 6:45 am

» LOLC FINANCE PLC (LOFC.N0000)
by ChatGPT Mon Mar 25, 2024 6:36 am

» CIC HOLDINGS PLC (CIC.N0000)
by ChatGPT Mon Mar 25, 2024 6:18 am

» UNION ASSURANCE PLC (UAL.N0000)
by ChatGPT Mon Mar 25, 2024 6:15 am

» First Capital Holdings PLC: Current Financial performance and future outlook
by God Father Sun Mar 24, 2024 10:58 pm

» LankaBizz: Sri Lanka's First ever Artificially Intelligent (AI) Business and Research Assistant
by God Father Sun Mar 24, 2024 7:27 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Wed Mar 20, 2024 7:22 am

» CIC Holdings Good Times Ahead
by ashan silva Mon Mar 18, 2024 11:00 am

» EPF Fund keep eye on low P/E Shares
by K.R Mon Mar 18, 2024 8:45 am

» SINS - the Tailwind effects of a crisis hit Economy
by Hawk Eye Mon Mar 18, 2024 8:37 am

» Ceylon cold stores
by Hawk Eye Mon Mar 18, 2024 8:25 am

» Asha securities Provide buy signal for CIC
by ddrperera Fri Mar 15, 2024 1:10 am

» CSE ready for another Downtrend?
by D.G.Dayaratne Thu Mar 14, 2024 11:24 am

» LankaLAW Forum : Sri Lanka’s #1 Discussion Platform for Legal Questions and Answers
by blindhog Thu Mar 14, 2024 9:14 am

» Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite
by samaritan Wed Mar 13, 2024 1:31 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

Amãna Takaful posts Rs 49.7 mn profit for 2012

Go down  Message [Page 1 of 1]

CSE.SAS

CSE.SAS
Global Moderator

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

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum