Amana Takaful records 32 % growth for 1H of 2012

Amana Takaful, recorded an impressive growth of 32% for the first half of 2012, well above the industry. The first half figures released by the company reflects a total Gross Written Premium(GWP) of Rs 770.8 million up from Rs.584.7 million in the comparative period of 2011. Individually, the first half General and Life businesses’ GWP of Rs. 603.3 million and 167.5 million respectively, grew by 32 % each in the same comparison.

This compares with the overall industry growth of 11 % in which General and Life segments moved up by 17 % and 3 % respectively as per industry sources. This performance propelled ATPLC’soverall market position. The General business performance was well supported by the Motor portfolio growth as well as the Non-Motor classes which moved up by 29 %, in which Medical was at the forefront. With the launch of “PROSPER” an Investment-linked Life product in the second half of 2011, ATPLC realized a significant contribution in the overall growth.

At an underwriting level, though the result was positive in comparison with the corresponding period last year, the significant increase in the Motor Claims stifled the planned performance goal.

Notwithstanding the slide in the equity market conditions, the judicious management of our diversified investment portfolio yielded an upside in investment returns of 263 % over the same period last year.

Despite the afore mentioned, ATPLC ended the half year with a loss of Rs. 34 million primarily driven by an over-run in Motor claims, as stated earlier. However, at Group level, a consolidated profit of Rs 43.6 million is reported to which the Maldives Takaful operation contributed substantially among the other subsidiaries.

Amana Takaful Maldives (ATM), now in its first year of operation as a PLC, recorded a GWP of MRF 29.7 million Rs 252.3 million) posting a growth of 31 % over 2011.