Amăna Takaful sustains profit momentum
Composite insurer Amăna Takaful PLC (ATPLC), posted a modest growth
in all aspects of the business in Q1 2013. Releasing their interim
results, the company reported that consolidated Revenue of Rs 463.4mn
grew by 15% over Q1/2012 with profit before tax of Rs. 22.9 mn, an
increase of 55% in the same comparison.
|
Fazal Ghaffoor |
Amidst many challenges, Non-Life business kept pace with the industry
and grew by 10% to Rs.357mn in which all classes delivered product-line
profitability, notably Motor. Prudent and speedy management of motor
claims and its supply chain continue to impact positively among all
stakeholders. Consequently the combined ratio too improved substantially
to 86% from 98% a year ago.
Gross Written Premium of the Life segment improved significantly to
105.8mn or 34% over the corresponding period in 2012, over-performing
industry growth performance of 7% (Source IASL). New Business
performance on Regular products and Prosper - the Wealth Management
offer, took a major share of this increase. Lack luster performance in
the white-listed equities coupled with volatility in bullion virtually
halved investment income to Rs. 22mn compared to the corresponding
quarter in 2012. Importantly, a 46% improvement in the Under-writing
result at Rs. 134.7mn helped to mitigate the under-performance in
investment income.
"The start to 2013 was extremely volatile and highly charged due to
un-warranted and extraneous influences that adversely impacted our
client base and trading partners. This was exacerbated by intense price
cutting. Nonetheless, we stayed the course and weathered the storm,
growing on par with industry while defending our market share" said CEO
Fazal Ghaffoor, commenting on the first quarter performance. "It is
heartening that our strategy to deliver sustainable growth in our
people's performance, our quest for a balanced portfolio and real
achievements on the productivity front while delivering real value to
our customers, is well on track to achieve the desired outcomes," he
concluded.
Meanwhile, Amăna Takaful Group which also includes Amăna Takaful
Maldives reported first Quarter profit of Rs. 41.3mn. "The Groups first
quarter results are a good start to the year, despite the challenging
trading environment more particularly here at home. The operation in the
Maldives is progressing steadily on all fronts", commented Chairman
Tyeab Akbarally. "While great and real opportunities are yet to be fully
optimised with prudent risk management and innovative product offers in
our pipeline, I remain optimistic of our growth momentum. For sure, the
industry has to get its act together in responsible tariff management
practices" the Chairman concluded. |
