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.