Amana Takaful Groups’ growth and profit momentum continued into the 2nd Quarter netting in a pre-tax result of Rs. 170.8 million at the half year ending June 2018. This is a commendable return compared with a profit of Rs 93.9 million in the same period last year.
With an above industry upside of 17% on Gross Written Premium (GWP) of Rs. 2.27 billion for the 6 months, the re-structured group has been able to harness a return of Rs. 182 million on its investment assets in a relatively lackluster environment Amana Takaful PLC, Amana Takaful Life PLC and Amana Takaful Maldives have all positively contributed to this performance.
“Having had a turnaround year in 2017, stakeholders would be pleased to note that the growth momentum was not only sustained but increased through 2018, ATL Continued to diligently navigate a delicate balance of Portfolio restructure, a discerning Under-writing & judicious risk appetite, solid efficiency measures together with a robust claims management philosophy. Culminating in the Group being better placed to not only meet, but exceed expectations” says Group Chairman Tyeab Akbarally.
Amana Takaful PLC generated a GWP of 1.87 billion, 14% ahead over the corresponding period in 2017. The profit before tax out-turn was doubled to Rs. 60 million compared with the outturn of Rs.30 million recorded mid last year.
All classes performed positively, whilst the performance of Motor (by 20%) and Medical (by 38%) were noteworthy. The combined ratio was further improved to 101%; with the new product lines entering the fray.
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