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
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.