Amana Takaful Insurance continues to surpass expectations

Tuesday, 30 August 2022 03:37 - - {{hitsCtrl.values.hits}}

Managing Director Hassan Kassim

CEO Shehan Feisal

Continuing to exceed stakeholder expectations, Amana Takaful Insurance PLC has posted robust and resilient financial performance in Q2 of 2022.

The company witnessed a sales revenue (Gross Written Premium) of Rs. 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 sixth consecutive quarter, since the company’s rebranding, which occurred in January 2021. Cumulative revenue growth in Q2, measured across a two-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.

Managing Director Hassan Kassim 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 recognising 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.