Amãna Takaful bounces back with Rs. 93 mln profit
View(s):After reporting a pre-tax loss of Rs. 43 million in first half 2016, Amana Takaful has seen a sharp turnaround, recording a pre-tax profit of Rs. 94 million for the same period this year.
The group’s post-tax profit was Rs. 86 million compared to a post-tax loss of Rs. 50 million in the same 2016 period.
In a media release, the group said its Gross Written Premium (GWP) of Rs. 1.93 billion is a an increase of 3 per cent over 2016.
“A combination of factors contributed to this achievement. Investment income improved significantly to Rs. 220.27 million, (a growth of 83 per cent) together with efficiencies on the cost base boosted this performance. These results are attributable to Amãna Takaful PLC, Amãna Takaful Life and Amãna Takaful Maldives,” it said.
Commenting on this performance, Tyeab Akbarally – Chairman, Amãna Takaful PLC, said “Stakeholders will be happy to note that in the last 12 months, amidst the challenges in group restructure, listing of the Life company and the successful accomplishment of the rights issue, which was necessitated in fulfilling the regulatory requirements, the position of the group has been strengthened for stability and growth.” GWP growth at Amãna Takaful PLC doubled to 10 per cent compared to 2016.