Upbeat performance at Amana Takaful Group

The Amana Takaful Group consistently delivered its profit momentum through the four quarters, with each of the three group companies, Amana Takaful PLC, Amana Takaful Life PLC & Amana Takaful Maldives PLC contributing positively to this profit out-turn.

This sustained performance resulted in a full year profit before tax of Rs.171.9 million. This compares with a loss of Rs. 140.2 million in the previous year. The Group’s Gross Written Premium (GWP) of Rs 3.64 billion, is ahead by 7 percent over 2016.

“The bold strategies and group restructuring in addition to optimizing synergies contributed immensely to this exemplary performance, a note that our stakeholders would embrace favorably,” opined Chairman Tyeab Akbarally.

In a much-improved performance, Amana Takaful PLC (ATPLC) posted a GWP of Rs.1.79 billion, doubling its growth to 11 percent and reporting a profit before tax of Rs 61.9 million in 2017.

This compares with a loss of Rs 139.1 million over the previous year. Although Industry growth was at 15 percent, fueled by the Motor Class, which grew at the same pace and taking an industry share of 66 percent, the company chose to re-balance its portfolio from a high dependency on motor and achieve a fair equilibrium, where its overall upside came from the non-motor segment.

Productivity improvements, new product launches and strategic tie-ups together with prudent claims management contributed in a large measure to the results of 2017. As the on-going portfolio re-structure gains momentum, Amana Takaful Life PLC (ATLL), listed since August 2016, has made good gains in its Protection-based portfolio delivering a profit before tax growth of 46 percent to Rs. 52.2 million for the full year 2017. Expansion of Distribution, Channel Development & new product offers together with customerengagement programs are set to drive performance at a higher pace in the future.

These results are borne out through new product lines, efficient cost & claims management and investment returns. ATMS ethical positioning, service ethos and year-onyear dividend pay-outs together with Surplus Awards to its customers are un-paralleled commitments as a responsible corporate.

In 2017, the Group’s investment income grew by 39 percent to Rs 379.3 million, while the total payout in claims was Rs 1.47 billion.

Pioneering this ethical system of Takaful based on justice and fair-play, each entity of the Group in its own right, is the only listed independent Takaful operator in the respective jurisdictions. Steeped in solidarity, mutual trust and transparency, the purity of the concept is zealously safeguarded through the steadfast adherence to the AAOFI standards.