Amãna Takaful sustains turn-around momentum into 2013 1st half
View(s):Amãna Takaful Insurance, sustaining its growth momentum, posted a profit of Rs. 25.92 million in the six months to June 2013.
A company statement said at group level, the profit of Rs 76.66 million was a significant upside of 65 per cent over the same period last year.
Consolidated revenue was Rs. 892.16 million, up 16 per cent over 1H 2012, with profit before tax of Rs 25.92 million as against the reported loss of Rs 31.61 million, a year ago.
The group including its overseas unit, Amãna Takaful Maldives, also recorded a growth of 16 per cent in terms of top-line.
“The group’s half yearly results demonstrate sustained momentum in all aspects of business performance. Despite a slow-down in the economic and financial spheres, our results on volume, profit and productivity are encouraging. While remaining optimistic for the rest of the year in particular, the regulatory industry agenda on bifurcation of composite entities by January 2015 will entail added costs and management time,” noted Tyeab Akbarally, Chairman, Amãna Takaful PLC.
CEO Fazal Ghaffoor said it was no surprise that the non-life segment of the industry growth has come down primarily due to rampant price-cutting, more so in the motor class which growth has shrunk from 21.9 per cent to 8.4 per cent. “The wisdom of such tactics by certain competitors in an environment of inflationary trends in up-scaled values in motor and servicing of claims is incomprehensible. Amãna Takaful remains steadfast to ethical practices, prudent under-writing and delivering on customer expectations,” he added.
To cater to the needs of an ageing population, the company introduced a new product “KruthaGuna” which accommodates enrolment from the age of 55 to 73 years, and renewable thereafter for life.