Amana Takaful Insurance completes FY2021 with a significant 23% revenue growth and 13% increase in group profits
Amana Takaful PLC (ATI), a fully-fledged insurance company operating in Sri Lanka, has braved the Pandemic and other economic pressures of the year 2021. The organization closes the year 2021, with a significant 23% growth in group sales revenue and a 13% surge in group net profits before other comprehensive income.
Elaborating on the Group’s performance, Managing Director of Amana Takaful Insurance Hassan Kassim said: “Resilience is essential for any insurance brand, and Amana Takaful Insurance is no exception. ATI’s 2021 overall annual performance, strengthened by record Q4 numbers, shows that ATI has successfully triumphed over yet another challenging milestone. Our latest provisional reports show ATI as securing an increase of 13% in annual group net profits before other comprehensive income at Rs 250.34 Mn. In the same year, ATI’s total annual group equity level too jumped by 13%-from Y2020’s Rs 2.09 Bn to Rs 2.36 Bn in 2021. As a group we have also enhanced our processes, resulting in an improved claims settlement process, paying out claims worth Rs. 1.94 Bn.”
During the 4th quarter alone, the organization has more than doubled its (quarterly) group net profits before other comprehensive income by a growth of 132%. Within the general insurance segment too, the latest Q4 results appear to be the continuation of the positive trends maintained throughout Q1-Q3.
Commenting on the general insurance company’s performance, CEO Shehan Feisal adds: “In terms of growth, Amana General was one of the better performers within the Sri Lankan insurance industry, in 2021. The general insurance company witnessed an overall sales growth of 19% during 2021. All growth figures are significantly above industry averages paying testament to the potential of Amana Takaful General Insurance. Our growth rates were also recognized through many local and international accolades during the year 2021. We thank all our channel partners, our employees, our stakeholders and most importantly our customers without whom this achievement would not have been a reality.”
About Amana Takaful Insurance:
Amana Takaful Insurance pioneered a unique concept of Insurance (Takaful) in Sri Lanka which is based on customer-centricity and ethical practices, and has today become a fully-fledged insurance company in Sri Lanka. Amana Takaful Insurance was incorporated as a Public Company in 1999, and has been Listed on the Colombo Stock Exchange since 2006, Amana Takaful Insurance has expanded its geographic foot-print through 35+ branches across Sri Lanka, covering all provinces. An ISO 9001 accredited organization, Amana Takaful Insurance has also maintained an overseas presence in the Maldives since 2005, which was subsequently incorporated as a free-standing PLC and listed on the Maldives Stock Exchange (MSE) in 2011. Amana Takaful Insurance offers a complete range of Life and General insurance solutions as well as tailor-made health insurance policies to suit the overall health needs of diverse segments of society.