Amana Takaful Insurance an all-time high in 2007

Amana Takaful Insurance (ATI), emerging as a strong player in the insurance industry, reported half-year sales with 41% growth in Gross Written Premiums (GWP) against the first half of 2006.

In January-June 2007, the company said overall GWP reached an all time high of Rs 412 million with both General Takaful and Family Takaful showing an equally balanced growth of 41% over the corresponding period of 2006.

The company’s Family / Long Term Takaful fund recorded a 14% increase and total investments of the company rose to Rs 509 million from Rs 161 million.

Earlier in the year, Amana Takaful arranged a rights issue, in which the company raised an additional share capital of Rs 375 million, a company statement said last week.Total Drive, ATI’s motor insurance policy witnessed an escalation of 35% in GWP.

“The 'Takaful' contract is a win-win contract for all participants. It’s the natural choice for anybody who understands its workings," said Ehsan Zaheed, CEO of ATI, adding "ATI has taken upon itself to promote the Takaful concept through-out Sri Lanka specially focusing on the lower and middle income groups with products such as micro insurance, medical insurance and home insurance. These sectors have potential for tremendous growth.”

Takaful entered the Sri Lankan market in 1999 through Amana Takaful PLC, and has rapidly entrenched itself. ATI now operates 15 branches in Sri Lanka and one in the Maldives.