Amana Takaful Insurance completes FY2021 with success

Friday, 8 April 2022 00:00 - - {{hitsCtrl.values.hits}}

Achieves significant 23% revenue growth and 13% increase in group profits

Amana Takaful PLC (ATI), a fully-fledged insurance company, has braved the pandemic and other economic pressures of the year 2021.

MD Hassan Kassim

CEO Shehan Feisal

It closed 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, Amana Takaful Insurance Managing Director 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 million. In the same year, ATI’s total annual group equity level too jumped by 13% – from Y2020’s Rs. 2.09 billion to Rs. 2.36 billion 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 billion.”

During the fourth quarter alone, the organisation 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 recognised 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.”