September 25, 2023
image003-1-LBN.jpg

3min

 



 

 

In a significant move to enhance insurance services for vehicle owners, Amana Takaful Insurance PLC and CBC Finance Limited have inked a special Memorandum of Understanding (MOU). This strategic alliance positions Amana Takaful Insurance as the preferred insurance partner for CBC Finance, which is a wholly-owned subsidiary of Commercial Bank of Ceylon PLC.

The signing of this exclusive agreement signifies Amana Takaful Insurance’s commitment to providing tailored insurance solutions to the customers of CBC Finance. It opens up a range of benefits for vehicle owners, including three-wheelers and motorcycles, ensuring affordable, comprehensive insurance coverage and seamless services. The MOU will facilitate widespread collaboration between Amana Takaful Insurance and CBC Finance, on an Islandwide basis, thereby strengthening customer relationships. Furthermore, the agreement introduces tailor-made insurance products crafted specifically to cater to the needs and preferences of CBC Finance customers.

Hassan Kassim, Managing Director at Amana Takaful Insurance expressed his enthusiasm about this new exclusive partnership saying, “We’re excited to join hands with CBC Finance to provide comprehensive insurance solutions to their valued customers. This strategic alliance aligns perfectly with our commitment to delivering exceptional value to customers across Sri Lanka.”

Managing Director/CEO at CBC Finance, Upul Dissanayake noted, “This partnership marks a significant step forward in ensuring robust insurance coverage for vehicles across Sri Lanka. Amana Takaful Insurance’s strong financial position and exceptional product offering, combined with CBC’s extensive reach, will empower customers with top-notch insurance solutions and unparalleled convenience.”

The collaboration between these two leaders in the financial services space exemplifies their dedication to supporting the business community and the general public by offering innovative and customer-centric insurance products. Amidst a challenging market environment, this partnership underscores Amana Takaful Insurance’s resilience and commitment to providing reliable insurance coverage, making it the preferred choice for individuals and businesses alike

 



 

 


August 17, 2023
Amana-MOU-Signining-LBN.jpeg

3min

 



 

 

Amana Takaful Insurance, Sri Lanka’s premier provider of the people-friendly insurance solutions, has entered into an MoU with Union Bank to offer bancassurance services to its customers. Union Bank has over 25 years of  service in the financial services sector in Sri Lanka with a diverse customer portfolio and an island-wide network of branches. This makes Union Bank an ideal partner for Amana Takaful Insurance to expand the reach of its general insurance solutions to a wider client base. Through this partnership, Amana Takaful Insurance will offer cost-effective general insurance solutions to Union Bank’s existing and future customers, including both individual and corporate clients, helping to further improve the presence and market penetration of generall insurance.

“We’re very pleased to partner with Union Bank, one of the most reputable and trusted private banks in Sri Lanka,” said, Shehan Feisal – CEO at Amana Takaful Insurance, expressing his pleasure and sentiments with regard to the partnership. “Working together, we will provide accessible and affordable general insurance solutions to Union Bank’s customers, while our complementary strengths will make for valuable synergies. Entering into this partnership further strengthens our commitment towards making general insurance solutions more widely available, and our belief in the importance of insurance for all. We look forward to collaborating with Union Bank and leveraging their extensive Islandwide network to access a more diverse customer-base and deliver cost-effective, personalized general insurance solutions backed by our well-recognized customer service standards.”

Indrajith Wickramasinghe – Director/CEO, Union Bank also commented on the partnership saying, “Partnering with Amana Takaful Insurance, allows us to provide more diverse bancassurance solutions to our customers. This partnership adds much value to the Bank’s bancassurance services as it further supports to adapt and meet the preferences of our growing customer portfolio. We look forward to working together to play off of each other’s strengths and deliver maximum value to our customers.

The partnership was formalized by the signing of an MoU between Amana Takaful Insurance and Union Bank. A special ceremony was held at the Union Bank premises to mark the occasion, with senior officials from both organizations present.

 


 

 


April 18, 2023
Mr-gehan-LBN.jpg

5min

 



 

 

Sri Lanka’s fastest-growing insurance company, Amana Takaful Insurance PLC has been recognized by LMD on the Magazine’s list of Most Awarded Companies in Sri Lanka. Accordingly Amana Takaful Insurance ranks 5th overall and is also the 2nd Most Awarded Insurance Company in Sri Lanka. The awards and accolades received by Amana Takaful Insurance underscore its commitment to excellence, customer service and industry innovation.

Commenting on the achievement, CEO at Amana Takaful Insurance, Shehan Feisal said, “We’re incredibly proud to have been included on such an esteemed list, and this reflects our dedication to always doing the best and delivering excellence at all times. The awards and accolades we have received highlight our achievements in terms of strategic direction, sustainability, and business objectives, along with customer satisfaction. This provides our people with a sense of pride and accomplishment that helps keep morale up and snowball our winning mindset. Furthermore, the awards we have won, particularly the global recognitions, are important not only to us, but also help to bring recognition to the country. These programmes are also highly competitive and very independent, relying on 3rd party surveys, customer testimonials and extensive submissions on our end. This means that only truly deserving candidates receive any recognition at all. Therefore, we take this opportunity to thank our customers and our people for making it all possible.”

LMD (Lanka Monthly Digest) is a leading Sri Lankan business magazine that provides readers with insightful and analytical coverage of the country’s business landscape. The magazine features articles on a wide range of topics, including finance, management, marketing, and entrepreneurship, among others. LMD is known for its high-quality journalism and has won numerous awards for its coverage of Sri Lanka’s business community. The magazine also publishes an annual edition that ranks the country’s top 100 listed companies based on a variety of financial metrics, and regularly publishes rankings of Sri Lanka’s companies based on a range of datasets, such as Sri Lanka’s Most Awarded Companies.

“This is a very meaningful accomplishment for us,” added Gehan Rajapakse- CEO at Amana Takaful Life Insurance, “as it demonstrates that we are doing good work and remain committed to delivering the best insurance services to our customers. It’s also something that makes us proud as a team, and gives us a sense of accomplishment and we look forward to harnessing that positive energy and continue to deliver exceptional value and unmatched customer service in the future.”

Amana Takaful Insurance is a pioneering insurance company in Sri Lanka, offering a unique concept of insurance based on customer-centricity and ethical practices. Established as a Public Company in 1999, Amana Takaful Insurance has become a fully-fledged insurance company, being listed on the Colombo Stock Exchange since 2006. The company’s geographic footprint has expanded through 35+ branches across Sri Lanka, providing coverage to all provinces. An ISO 9001 accredited organization, Amana Takaful Insurance has also maintained an overseas presence in the Maldives since 2005, and this operation was 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 catering to diverse segments of society.

 



 

 


March 8, 2023
Hassan-Kassim-picture-LBN.jpg

5min

 



 

 

Retains Position as Fastest Growing Insurance Company in SL for 2 Consecutive Years

Retaining its position as the fastest growing insurance company in Sri Lanka for 2 consecutive years, Amana Takaful Insurance PLC (General) announced that its revenues (Gross Written Premiums) grew by 37% in 2022, year-on-year (YoY). Accordingly, GWP revenues rose to LKR 3.36 billion during the period under review. This puts the Company in the spotlight amongst its peers, as it has also managed to increase its market share by a healthy margin during the period. The Motor, Non-Motor and Medical segments grew by 39%, 36% and 32%, respectively. Meanwhile, the company recorded a spectacular net Profit of LKR 347 million, witnessing a mammoth profit growth of 80%.

“Our success story has always hinged on the well-being of our stakeholders” said CEO, Shehan Feisal, discussing the financial performance of the Company, “We have achieved this by combining effective strategic planning with unmatched quality of service and streamlined business processes. As the pioneers of the unique people-friendly Takaful insurance model, we ensured that our claims pay-outs are streamlined and executed in a timely manner. Despite the GWP revenue only growing by 37%, our claims pay-outs have increased by 53% compared to 2021. We are in the business of financial risk management, and paying out insurance claims in a timely manner is why our customers place their trust in us. We are dedicated to serving all Sri Lankans with fair, transparent and beneficial insurance products, while constantly listening and reacting to the feedback we receive from customers and all our stakeholders.”

Hassan Kassim, Managing Director at Amana Takaful Insurance PLC also expressed his views, “Our on-time claims pay-outs, fair and transparent policies, and streamlined processes have been consistently complimented by our unique and product & service standards. Supported by our willingness to listen to what people think, this strategy has created a positive feedback loop, the success of which is evident in our continued strong financial performance. We believe that our growth model is sustainable over the short and medium terms, and we will adapt and change to ensure continued growth over the long term as well. I take this opportunity to thank our customers for supporting us, and our people for supporting our customers and our vision for people-friendly insurance in Sri Lanka.”

Amana Takaful Insurance pioneered a unique concept of Insurance (Takaful) in Sri Lanka which is based on customer-centricity and ethical practices. The company was incorporated as a Public Company in 1998, and has been listed on the Colombo Stock Exchange since 2006, Amana Takaful Insurance has expanded its geographic foot-print through 40+ 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.

 



 

 


August 29, 2022
Shehan-Feisal.jpeg

5min

 



 

 

Continuing to exceed stakeholder expectations, Amana Takaful Insurance PLC posted robust and resilient financial performance figures for Q2 of 2022. The company witnessed a sales revenue (Gross Written Premium) of LKR 1.6 Billion, recording a remarkable 42% year-on-year growth for the period under review (Q2). This puts Amana Takaful Insurance amongst the fastest growing insurance companies in Sri Lanka for the 6th consecutive quarter, since the company’s rebranding, which occurred in January 2021. Cumulative revenue growth in Q2, measured across a 2-year period (2020 vs. 2022), stood at a staggering 69%, further attesting to the robust growth the business has enjoyed during this period.

The Company’s motor and non-motor insurance businesses have both grown faster than industry averages, with motor insurance in particular posting a significantly higher than industry-average growth in Q2. This reinforces Amana Takaful Insurance’s message of being one of the best providers of motor insurance in Sri Lanka. The Company also recorded significant growth in the non-motor insurance sub-classes of marine and medical insurance.

Commenting on the Company’s achievements during Q2, Hassan Kassim – Managing Director at Amana Takaful Insurance PLC said, “Our strategic planning initiatives have continued to work in our favour. Our diligent market data gathering and analytics, revamped processes, and consumer outreach strategies have enabled us to position ourselves as a top choice for insurance in consumers’ minds. This has empowered us to achieve the remarkable performance figures that we have, over the past 18 months, amidst an unprecedentedly challenging economic environment. We have been able to effectively position our proposition, through new products such as Total Drive Prestige, which provides special protection for high-value vehicles. Moreover, we have also been able to consistently deliver on our proposition and promise, through our on-time claims pay-outs as well. Thus, we take this opportunity to thank our customers for placing their trust in us, while also recognizing the exceptional efforts of our people, as we work together towards our collective goals.”

On-time settlement of claims is a very important key performance indicator (KPI) for Amana Takaful Insurance. The Company has devoted much attention and resources towards ensuring maximum efficiency in this regard, over the past 1.5 to 2 years. As a result, in Q2 of 2022, Amana Takaful Insurance was able to settle 71% of all motor claims within 24 hours, and 86% of claims within 48 hours. On average, nearly 90% of medical claim reimbursements too are carried out within 24 hours. Inspired by this trend, the Company has reaffirmed its commitment to increasing these proportions even further during the upcoming months.

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.

 



 

 

 


June 30, 2022
Gehan-Rajapakse-Chief-Executive-Officer-Amana-Takaful-Life-PLC-1.jpg

5min

 



 

 

 

30 June 2022, Colombo: Embracing its commitment to continuously strengthen and invest in its employees, Amana Takaful Insurance recently embarked on a new project to fortify the skills and competencies of its senior managers. By partnering with the Postgraduate Institute of Management (PIM), selected members from the senior management tiers of Amana Takaful Insurance will undergo a rigorous leadership excellence program, that is expected to further strengthen the Company’s strategic foundation while standing a testament to its devotion towards its workforce, amidst times of adversity.

The Leadership Excellence Program (LEP) was envisioned with the purpose of grooming the Company’s current and future leadership, enabling them to re-learn and bridge gaps by equipping them with adequate resources and technical know-how. The initial batch comprises 20 members of the Company’s senior management who will undergo a series of sessions, over a 6-months period. The learning experience includes exposure to various strategic aspects of management covering Decision Making & Problem Solving, Change Management, Finance, Sales & Marketing, Personal Excellence and more.

Commenting on the initiative, Head of Human Resources and Secretary to the Board of Directors, Farhan Jabir said, “Amana Takaful Insurance has always been a company which thrives on a collaborative and people-centric culture. Over the years, we have focused on executing multiple personal development and support initiatives, which have been widely appreciated among our employees. Thus, it was a no-brainer when we introduced the opportunity for our senior management to enroll for this Leadership Excellence Program, lectured by renowned industry experts from the esteemed Postgraduate Institute of Management, Sri Lanka. While our senior management already have decades of experience up their sleeve, we believe this program will support a refreshed perspective for application, in order to stay up-to date and relevant with the modern world. Following the completion of the first batch, this valuable opportunity will eventually be extended across other levels in the organization too.”

Gehan Rajapakse, Executive Director and Chief Executive Officer of Amana Life shared his thoughts at the launch event of this partnership between Amana Takaful Insurance and PIM: “As a truly caring, supportive and nurturing employer, we feel utmost importance in empowering our diverse workforce and grooming future leaders to take the Company forward. Sri Lanka is currently facing a challenging period, where most businesses and people are struggling to survive. As a responsible employer, we are sensitive to the daily plights our employees face and through this program, we hope to provide some solace and encourage them to pursue their personal development without worry”. He further stated, “A company’s success is parallel to the growth of its employees, and we at Amana Takaful Insurance fully understand that the organization is only as good as its powerhouse of employees. Thus, we take this opportunity to reaffirm our commitment to being an employer of choice for Sri Lanka’s aspiring youth and career professionals.”

Persevering through national crises since 2020, Amana Takaful Insurance has always stood by its people and focused on providing them the confidence to face any challenge with positivity and strength. With a ‘purpose beyond profit’ approach, Amana Takaful Insurance remains one of the few employers in Sri Lanka who have not conducted any type of retrenching, furlough or remuneration-adjustment initiatives as a result of the crisis. The Company has gone above and beyond to ensure job security, social and emotional support networks and equal opportunities for all, at all times.

 



 

 

 


June 15, 2022
Shehan-Feisal-Chief-Executive-Officer-Amana-Takaful-PLC-1-LBN-Fill.jpeg

7min

 



 

 

The organization has continued to maintain its operations without any salary deduction, and has continued to provide all employee benefits offered during the pre-pandemic era, and more.

13th June 2022. Colombo: During the multiple crises that Sri Lanka has faced since 2020, Amana Takaful Insurance has always remained a sensitive and accommodating employer. Throughout the challenges of the past two years, the Company has stood by its people, giving them the confidence to face individual and collective challenges with positivity and strength. Amana Takaful Insurance remains one of the few employers in Sri Lanka that have not initiated any type of retrenching, furlough or remuneration-adjustment initiatives as a result of the crisis. In fact, the Company has gone above and beyond to ensure job security, social and emotional support networks and equal opportunities for all, at all times.

Instead of adjusting the size of its workforce or the benefits the team enjoys, Amana Takaful Insurance has adopted an inward-looking approach over the past 2 years. One of the primary concerns was, naturally, rationalizing costs. Alongside this, the Company undertook an ambitious and timely business process reengineering initiative, to ensure cost and time savings. Understanding that it is people who drive businesses, the Company also implemented various measures to ensure social and economic protection for all its people during the pandemic, and these are continuing today as Sri Lanka deals with the various challenges it faces. In fact, the Company made a special effort to provide bonuses to staff (General Insurance) during the recent festive season (April 2022), despite the challenging macroeconomic situation prevalent at the time.

Discussing the approach Amana Takaful Insurance has taken as it navigates today’s dynamic and uncertain business landscape, Head of Human Resources and Secretary to the Board of Directors, Farhan Jabir explained, “The past 2 to 3 years have been truly transformational for us. Instead of taking a defensive approach, we embarked on a forward-looking strategy. We embraced a culture of change, whilst ensuring that our people enjoy job security, to emerge as a true equal opportunity employer. We have created a genuine meritocracy where progress is entirely dependent on merit and nothing else. In order to promote and foster gender, ethnic, religious and intellectual diversity too, we have worked very hard to create an open, tolerant and inclusive culture where everyone is welcome. We maintain an open door, open office environment, where all staff have access to senior management if they wish to discuss something. In fact, we even randomly select people for one-on-one sessions with senior management, where they can openly discuss anything that may be of importance to them; we call this, ‘Pulse Check’. At Amana Takaful Insurance, we believe that openness, diversity, a willingness to adapt, and most importantly, our people, are our greatest strengths. Thus, we take this opportunity to reaffirm our commitment to being an employer of choice for Sri Lanka’s aspiring youth and career professionals.”

Understanding the crucial importance of effective and open communication, Amana Takaful Insurance maintains a dedicated Internal Communications Unit, which serves as a robust platform to communicate important events and staff achievements. Further, in order to enable a two-way communication flow that would support the open culture fostered by the Company, staff are also provided with an Idea Box for suggestions, ideas or issues, where even anonymous submissions are accepted. A special project was also run in-line with Women’s Day, to identify and solve specific concerns of female staff members, which has proven to be of immense value.

Learning and development too, are focus areas for Amana Takaful Insurance, with the Company investing heavily in upskilling its people and developing talent, through a largely “Training Needs Analysis (TNA)” based approach. A significant part herein is the Buddy System, which allows for new team members to have a “buddy” or a mentor they can rely on day-to-day. An on-the-spot recognition scheme is also planned for rollout in the near future, which will see members of staff receiving instant formal recognition for exceptional performances.

Amana Takaful Welfare Association (ATWA), looks into the Company’s staff welfare activities, across areas such as culture, knowledge, sports and overall welfare. Through the ATWA, the company ensures that all cultural and religious festivals, which are significant to team members, are celebrated across the organization. These include festivals such as Awurudu, Vesak, Deepavali, Eid, Christmas and others. The Management along with ATWA also recently recognized staff members’ children who successfully passed their O/Level and A/Level Exams, and presented these children with tablet computers as a reward for their good efforts.

Overall, Amana Takaful Insurance is a people-oriented organisation, that cares for its stakeholders with the mantra of “To every Sri Lankan, as one”. The Company is committed to creating a warm and inclusive space where everyone is made to feel welcome and at one with the team. Through its various efforts to support its people, particularly with regard to ensuring job security, creating work-life- integration and inspiring people to pursue their dreams, Amana Takaful Insurance PLC intends to secure its place as one of Sri Lanka’s employers of choice, where people matter and dreams can take flight.

 



 

 

 


April 28, 2022
01.-Mr-Osman-Kassim.jpg

4min

 



 

 

 

Amana Takaful Life Insurance (ATLI) has reported healthy growth in Y2021, steadily bouncing back from a relatively challenging period in 2020. In 2021, Amana Takaful Life also boosted its Gross Written Premium Contribution (GWP), and the organization’s convincing 2021 annual performance has been built on its winning Quarter-on-Quarter numbers throughout the year – including that of the 4th quarter of 2021 where it reported 163% net profit growth, and a steady 32% GWP growth, in comparison to Q4 2020.

Chief Executive Officer, Gehan Rajapakse elaborates: “2021 was not an easy year in the insurance sector as it was a year where the Pandemic spread further while other unexpected economic challenges sprung up suddenly. As per our provisional reports, we braved these and recorded a winning fourth quarter which boosted our overall annual bottom-line of Y2021.  To begin with, Amana Life Insurance recorded a healthy 128% YoY growth in its net profits in Y2021, overcoming the challenging position faced by the company over the past few years. Amana Life has recorded a double victory – not only did we witness a sharp turnaround, we also did it in the most economically challenging year in recent times. In 2021, ATLI also boosted its Gross Written Premium Contribution (GWP) by a steady 21% YoY, totalling at 881.7 Mn.  Our overall growth has been well-aided by the significant 35% growth in our first-year regular business premium. During the year 2021, our total assets increased by 7.6% YoY to Rs 3.33 Bn. We also managed to expand our geographic foot-print through nearly 35 locations across Sri Lanka, covering all provinces.”

Commenting on the company’s success, the Chairman of Amana Takaful Life Insurance, Osman Kassim states: “A few years ago, Amana Takaful Life embarked on a refreshed strategic direction under new leadership with the objective of steering the organization towards a positive growth trajectory. In 2021, as a result of the significant turnaround that we have witnessed, I can now say that our plan has come to fruition. The successes of our 2021, I believe, are just the beginning of a long journey where the company expects to grow from strength to strength, not only financially but also in uplifting our product and service standards and in how we engage with all stakeholders. Let me also take a moment to congratulate the Amana Life team, for a successful 2021!”

About Amana Takaful Insurance:

Amana Takaful Life 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 long-term 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 Life Insurance has expanded its geographic foot-print through 25+ branches across Sri Lanka, covering all provinces. 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.

 



 

 

 


April 7, 2022
Shehan-Feisal.jpg

3min

 



 

 

 

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.”

 



 

 

 


June 1, 2021
Shehan-Feisal.jpg

3min

 




 

 

  • Records 27% GWP growth despite Covid-19 pandemic
  • Substantial growth ratios recorded in all sub-classes; motor, medical, marine and fire insurance

Amana Takaful Insurance, announces its performance in the General Insurance sector for the first quarter of 2021 to have recorded a 27% YoY growth in Gross Written Premium (GWP), the industry dipstick for insurance sales performance.

CEO of Amana Takaful Insurance (General) Mr Shehan Feisal, elaborating on the company’s Q1 performance said: “I am pleased to announce that Amana Takaful Insurance is among the leaders of Sri Lanka’s insurance sector in the First Quarter of 2021.  What is significant is that this feat has been achieved amid many pressures of the new normal; macro-economic pressures, insurance sector constraints and the pandemic’s pressure on people’s lives.”

The company also reported strong growth in all insurance classes during the first quarter. Its largest non-motor insurance growth segment was Marine Insurance, growing at a staggering 69% compared to 2020. Amana Insurance’s Fire & Engineering Insurance was the second largest growth area in Q1-2021, growing by 38% while Medical Insurance grew by 35%. The growth in Motor Insurance was also recorded at 19%; one of the highest growth percentages among industry peers.

Commenting on the Q1 financial performance, the Managing Director Mr Hassan Kassim adds, “The rapid growth that we are witnessing at Amana Takaful Insurance in the year 2021 must be attributed to the key strategic changes that were made in 2020 which brought in fresh thinking and modern processes into the organization. Overall, we’re happy with the team’s performance so far, as we look to continuously improve ourselves in being the most customer-friendly insurance company in Sri Lanka.”

It is believed that Amana Takaful Insurance’s novel, innovative and customer-centric approach to insurance in Sri Lanka, coupled with its refreshed brand identity that was launched in January 2021 has provided these significant results despite the current macro-economic situation and health challenges within the country.

 

 

 



 

 

 



About us

Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




Follow Us


Newsletter