Amana Takaful Life outperforms industry with impressive 3 5% GWP growth in 2015

Amana Takaful Life Limited (ATLL) has concluded its first complete financial year post-segregation on a high note, outperforming the local life insurance industry with an impressive growth in Gross Written Premium (GWP). 

ATLL recorded a GWP of LKR 928 million in the financial year ending 31st December 2015, thereby achieving a significant 35% growth year-on-year (YoY), outperforming the industry, which grew at 20%. Significantly, this is the third consecutive year in which the company has grown ahead of the industry. Amana Takaful Life recorded a profit of LKR 18 million, in its first year of operations, despite pressure from increased post-segregation costs and lower yields on investment income. 

Amana Takaful Life was spun off from Amana Takaful PLC as part of an industry wide regulatory directive and is the successor of Amana Takaful PLC’s life business portfolio. The company is a fully-owned subsidiary of Amana Takaful PLC. 

Growth was witnessed ‘across the board’ with all business lines, namely Savings and Protection, Wealth Management and Corporate channels, recording growth over the previous year. Savings and Protection, the main business line, in particular reflected commendable growth recording LKR 538 million. New business acquisition increased to LKR 230 million, a 26% improvement YoY.

Amana Takaful ‘Prosper,’ Sri Lanka’s first Shari’ah compliant Investment linked insurance plan, achieved stellar growth of 46%, recording LKR 338.3 million, thereby continuing to play its key role in growing the company’s Life Fund – which stood at LKR 1,766.5 million as at 31st December 2015.

Amana Takaful Life also laid the foundation to further enhance its growth trajectory with a series of concerted measures during 2015. Expanding its portfolio of wealth management solutions, the company launched ‘Deergayu’, Sri Lanka’s first Shari’ah compliant retirement product, in September 2015. Deergayu is expected to significantly contribute to future growth, especially considering the increase in life expectancy and the aging population in the country. The company’s initiatives to reduce policies lapsing have also borne fruit and significant advances have been witnessed in this regard.  

“We see immense potential in the life business, especially given economic development and social trends in the country. We remain committed to crafting life insurance solutions to all Sri Lankans, within the hallowed principles of mutuality and sharing,” opined Tyeab Akbarally, Chairman of Amana Takaful Life Ltd. 

“This all-round performance which is considerably better than that of the industry, achieved during the challenging post-segregation period, bears testimony to the solid fundamentals of Amana Takaful Life,” said CEO, Reyaz Jeffrey. “This confirms that above industry growth is now firmly entrenched in our DNA. We are confident that the initiatives which are being undertaken at present will lay a strong foundation to further enhance our growth trajectory,” he continued.

One of the few ISO certified insurance operators in Sri Lanka, Amana Takaful Life Limited (ATLL) operates via nearly 30 branches and touch points spread across the country and is present in most major cities. ATLL continuously reaches out to customers from all segments of society and offers innovative products   that are convenient, affordable and reliable. As part of its commitment to remain ‘open to all’, ATLL serves all communities and employs a multi-ethnic team across its network. The parent company Amana Takaful PLC was also recently upgraded by the Lanka Rating Agency to a rating of BBB/P3/Stable.