March, 8, 2023
Retains Position as Fastest Growing Insurance Company in SL for 2 Consecutive Years
Retaining its position as the fastest growing insurance company in Sri Lanka for 2 consecutive years, Amana Takaful Insurance PLC (General) announced that its revenues (Gross Written Premiums) grew by 37% in 2022, year-on-year (YoY). Accordingly, GWP revenues rose to LKR 3.36 billion during the period under review. This puts the Company in the spotlight amongst its peers, as it has also managed to increase its market share by a healthy margin during the period. The Motor, Non-Motor and Medical segments grew by 39%, 36% and 32%, respectively. Meanwhile, the company recorded a spectacular net Profit of LKR 347 million, witnessing a mammoth profit growth of 80%.
“Our success story has always hinged on the well-being of our stakeholders” said CEO, Shehan Feisal, discussing the financial performance of the Company, “We have achieved this by combining effective strategic planning with unmatched quality of service and streamlined business processes. As the pioneers of the unique people-friendly Takaful insurance model, we ensured that our claims pay-outs are streamlined and executed in a timely manner. Despite the GWP revenue only growing by 37%, our claims pay-outs have increased by 53% compared to 2021. We are in the business of financial risk management, and paying out insurance claims in a timely manner is why our customers place their trust in us. We are dedicated to serving all Sri Lankans with fair, transparent and beneficial insurance products, while constantly listening and reacting to the feedback we receive from customers and all our stakeholders.”
Hassan Kassim, Managing Director at Amana Takaful Insurance PLC also expressed his views, “Our on-time claims pay-outs, fair and transparent policies, and streamlined processes have been consistently complimented by our unique and product & service standards. Supported by our willingness to listen to what people think, this strategy has created a positive feedback loop, the success of which is evident in our continued strong financial performance. We believe that our growth model is sustainable over the short and medium terms, and we will adapt and change to ensure continued growth over the long term as well. I take this opportunity to thank our customers for supporting us, and our people for supporting our customers and our vision for people-friendly insurance in Sri Lanka.”
Amana Takaful Insurance pioneered a unique concept of Insurance (Takaful) in Sri Lanka which is based on customer-centricity and ethical practices. The company was incorporated as a Public Company in 1998, and has been listed on the Colombo Stock Exchange since 2006, Amana Takaful Insurance has expanded its geographic foot-print through 40+ branches across Sri Lanka, covering all provinces. An ISO 9001 accredited organization, Amana Takaful Insurance has also maintained an overseas presence in the Maldives since 2005, which was subsequently incorporated as a free-standing PLC and listed on the Maldives Stock Exchange (MSE) in 2011. Amana Takaful Insurance offers a complete range of Life and General insurance solutions as well as tailor-made health insurance policies to suit the overall health needs of diverse segments of society.
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