Amãna Takaful registers strong performance with Rs. 181.39 m group net profit in 1H 2020

Thursday, 17 September 2020 02:01 - - {{hitsCtrl.values.hits}}

Amãna Takaful PLC (ATPLC), Sri Lanka’s premier fully-fledged Takaful insurance company, recorded strong financial performance with a group net profit of Rs. 181.39 million in the first half (1H) of 2020. This is a notable increase from the group net profit of Rs. 20.36 million recorded in the corresponding period last year.

ATLPLC also saw a remarkable turnaround in general business in Sri Lanka, recording a profit of Rs.54.6 million in 2020 as opposed to the loss of Rs. 71.75 million recorded in 2019.

The positive performance is attributed to the overhauling of processes with a view to ensuring highest levels of service, process re-engineering and realigning the product portfolio.

The company’s operation in the Maldives – Amãna Takaful Maldives, too recorded an exceptional performance with a growth of 37% in net profit after tax from 120.37 million in 2019 to 165.8 million in 2020. Speaking on the insurance company’s achievement, Managing Director Hassan Sattar Kassim stated: "The company’s positive performance, despite the challenging environment, is reaffirmation that the steps we have taken to build Amãna Takaful, are working. These include a combination of factors, such as recruiting industry experts—like our recent recruitment of Shehan Feisal as the CEO—renewing our focus on service standards by improving the customer experience, and finally improving efficiencies in our processes.”

Commenting on ATL’s performance, CEO Shehan Feisal said: “The company has made conscious efforts to rebalance the portfolio, which has resulted positively with a surplus in the General Fund. The litmus test for any insurance company is its claim settlement process. The Company embarked on a ‘rapid motor claim settlement’ initiative which seeks to settle claims within hours, solidifying the Company's focus towards improving customer service. "