Amana Takaful Insurance which celebrates 10 years of operations in Sri Lanka recorded its first year of premium income above Rs. 1 billion in 2008.
According to a press release issued by the company,, Amana Takaful despite adversities, recorded above industry average growth. The company says that topping the Rs.1 billion mark was the biggest achievement to date.
The company’s Gross Written Premium (GWP) grew by 26.56% to record Rs 1,024 million, above the industry average. Life insurance showed major growth where GWP grew by 44% to reach Rs. 188 million. General Insurance recorded a growth of 23% to achieve a GWP of Rs. 835 Mn. Total assets grew by 14.87% to reach Rs.1,053 Mn in 2008 as against Rs. 917 Mn in 2007.
The company also achieved a significant improvement over 2007 in its bottom line to reduce its operating loss by 65.7%. The press release attributed prudent underwriting and improved investment income contributions towards this effort which paid off for the company.
“Whilst conventional insurance companies in Sri Lanka largely benefit from the high returns on investment, as a Takaful operator, our investment opportunities are limited. Islamic investment opportunities are still in its infancy in Sri Lanka,” said Tyeab Akbarally, Chairman, Amana Takaful Insurance.
Mr Akbarally further commented, “We expect a significant growth in the Family Takaful business in 2009 and also from the Medical insurance business, which we see as a positive growth sector requiring good and proactive management. There is a lot of scope for medical insurance in Sri Lanka, given the high cost of quality residential medication.” |
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