Amana Takaful Insurance posts robust results in Q2’2022
View(s):Amana Takaful Insurance PLC has posted robust and resilient financial performance figures for Q2 of 2022. The company witnessed a sales revenue (Gross Written Premium) of Rs.1.6 billion, recording a 42 per cent 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,” it said in a media release.
Cumulative revenue growth in Q2, measured across a 2-year period (2020 vs. 2022), stood at 69 per cent, further attesting to the solid 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. The company also recorded significant growth in the non-motor insurance sub-classes of marine and medical insurance.
Commenting on the company’s achievements during Q2, Hassan Kassim – Managing Director at Amana Takaful Insurance PLC 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.”
On-time settlement of claims is a very important key performance indicator (KPI) for Amana Takaful Insurance. The company says it 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 per cent of all motor claims within 24 hours, and 86 per cent of claims within 48 hours. On average, nearly 90 per cent of medical claim reimbursements too are carried out within 24 hours.
Amana Takaful Insurance pioneered a unique concept of Insurance (Takaful) in Sri Lanka which is based on customer-centricity and ethical practices, and has today become a fully-fledged insurance company in Sri Lanka.
Amana Takaful Insurance has expanded its geographic foot-print through 35+ branches across Sri Lanka, covering all provinces.
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