Amana Takaful Insurance posts 23% revenue growth
Amana Takaful PLC (ATI), a wholly-owned insurance company operating in Sri Lanka, has braved the pandemic and other economic pressures in the year 2021.
The organization closes the year 2021, with a significant growth of 23% in group turnover and a 13% increase in group net profit before other comprehensive income.
Hassan Kassim, Managing Director of Amana Takaful Insurance, said, “Resilience is essential for any insurance brand, and Amana Takaful Insurance is no exception.
ATI’s overall annual performance in 2021, bolstered by record numbers in the fourth quarter, shows that ATI has successfully reached another difficult milestone.
Our latest interim reports show that ATI achieved a 13% increase in the group’s annual net profit before other comprehensive income to Rs 250.34 million.
During the same year, the total annual level of ATI’s group equity also jumped by 13% from Rs 2.09 billion in 2020 to Rs 2.36 billion in 2021. As a group , we have also improved our processes resulting in improved claims process, paying claims to the value of Rs. 1.94 billion.
In the fourth quarter alone, the organization more than doubled its group net (quarterly) profit before other comprehensive income by 132%. Within the property and casualty insurance segment as well, the latest results for the fourth quarter seem to be a continuation of the positive trends maintained throughout the first and third quarters.
CEO Shehan Feisal said: “In terms of growth, Amana General was one of the best performers in the Sri Lankan insurance industry in 2021. The general insurance company recorded an overall sales growth of 19 % in 2021. All growth figures are well above industry averages, a testament to Amana Takaful General Insurance’s potential. Our growth rates have also been recognized with numerous local and international accolades throughout 2021.
“We thank all of our channel partners, our employees, our stakeholders and especially our customers without whom this achievement would not have been a reality,” he said.