Amãna records 26 % growth in 3-Q-12

Amãna Takaful PLC (ATPLC), records an impressive growth of 26 % for the 9 months to September 2012, well above the industry's 12.2 %.

The company's performance in terms of total Gross Written Premium (GWP) of Rs. 1,151.5 million up to September 2012 compares with Rs. 913.6 million in the same period of 2011. The General Insurance business accounted for Rs. 891.0 million, growing significantly at 28.5 % over the comparative period in 2011. The Life segment's Gross Written Premium of Rs. 260.4 million to September 2012, reflects a growth of 18.4 % over the corresponding period last year. These results reflect a substantial upside against the industry performance of 18.3 % and 4.4 % on General and Life businesses respectively as at end of September 2012.

ATPLC's general business performance was well supported by a modest motor portfolio growth of 27.1 %, together with all other Non-motor classes ahead by 37.1 %. The medical portfolio's GWP growth of 42.4 % came through with the enlistment of new corporates and the flexibility exercised to tailor-make offers. From an industry stand-point, the company's market share improved, retaining its market position, despite fierce price competition.

In the Life segment, ATPLC's protection products showed good promise since its re-launch in June, while Prosper - the Unit Link offer attracts increasing subscriptions despite the equity market volatility, with a growth of 54 % to September compared to a year ago. These performances propelled the Life Fund during the nine month period by a healthy 30.7 %. Moreover, ATPLC's weighted average premium in Life policies remains steadfast at the No. 2 slot among Life Industry players. (Source IASL).

Meanwhile, ATPLC' sunder writing result improved from the second quarter, principally on account of better management of the motor portfolio, through the re-fashioning of its motor product and streamlining the under-writing and claims process to improve efficiency in this fiercely price competitive segment.

Notwithstanding the slide in equity market conditions, the judicious management of the diversified investment portfolio yielded an upside, principally in Bullion in Q3, boosting returns by 451 % over the same period last year.