Amana Takaful Insurance profits grow by 396%

COMPANY RESULT:As more and more Sri Lankans look to the Takaful way of insurance, known as the most rewarding in the industry, Amana Takaful Insurance (ATI) revealed remarkable growth, for its financial year of 2006.

The net profit after tax shows an extensive rise of 396%, from Rs.2mn to Rs.11.5mn, while the total Gross Written Premium (GWP) has increased by a significant 57%. Total assets increased by 38%, and are at Rs.597mn, as at the end of the financial year.

According to the financial statements Earnings per Share is recorded at Rs.0.92. ATI’s prolific year showed General Takaful achieving a growth of 53% and Family Takaful boasting a growth of 85%.

Recently completing 8 years of operation in Sri Lanka, Amana Takaful Insurance has made tremendous headway in the insurance industry, showing potential to lead the Takaful industry in the South Asian region. ATI’s growth in 2006 confirms and reflects the Global Takaful industry growth of 15-20%.

“The Company’s business operations are based on fairness and a commitment to sincerely serve all participants on a mutually beneficial platform,” CEO/ Director - ATI, Ehsan Zaheed said.

“We have, throughout the past year, strengthened and reinforced key activities such as, risk management, corporate governance and the overall organisational structure - geared to provide a total Takaful solution and a company wide focus to provide a service that exceeds the expectations of customers.”

One of the key strategic priorities was the investment in enhancing people and their skills. The development of our people has helped motivate employees reach their individual goals by complimenting the overall corporate objectives, he added.

Marketing and branding has also played a key role in ATI’s recent achievement.

The nature of Takaful commands the creation of an innovative model to take it to the market. According to ATI’s Assistant Marketing Manager Aashiq Aminuddin, ATI has been able to enlighten the market about the benefits of Takaful through proper education. This has reflected in the market acceptance and growth of sales.

“The concept of Takaful can be termed as the next phase or generation of insurance. Its evolution has brought about a product that is a truly win-win proposition for everyone involved.

Not only does it take care of participants, the system of operation also gives back a return to them.

This is something new and interesting for the market”, Aminuddin said.

The company’s operations have expanded to include 15 locations island-wide including in the South and East of Sri Lanka, also extending overseas with the setting up of a fully fledged branch in the Maldives.