Amana Takaful Insurance (ATI) has announced its 2021 first quarter performance showing 18 percent YoY sales growth.
In a media release issued by the company, Head of Corporate Strategy at ATI Rajitha Obeysekera, elaborating on the company’s Q2 performance said: “ATI had recorded a significant growth during the first quarter of 2021, with a strong 27% YoY growth. The continued momentum to witness an 18% sales growth in Q2 is of paramount importance, since nationally, the general insurance market has been on the decline due to the COVID-19-induced difficulties. In fact, this is a double win for the company. Not only did it continue to grow in a time-period of decline, the company did so while facing many pressures of the new normal; macro-economic pressures, and the subsequent drop in the prioritization of insurance by the people.”
In the second quarter, ATI reported growth in all main insurance categories – despite some categories having witnessed an industry-wide decline. Its largest non-motor insurance growth in Q2 was Marine Insurance, growing at 74% YoY for Q2. ATI’s Medical Insurance, the second largest growth segment, reported 59% increase. Non-Motor Insurance overall grew by 30%, while Motor insurance grew by 8% YoY for the second quarter – both segments above industry growth averages. The Fire and Engineering segment grew by 29% as well.
Managing Director at Amana Takaful Insurance Hassan Kassim said: “Our Group assets too recorded an increase of 16% (to Rs 8.2 Billion) in the first half of 2021. Our corporate promise earlier this year, to provide our support and services ‘To Every Sri Lankan, as one’ reflects the new service orientation of Amana Takaful Insurance, in providing peace-of-mind through innovative and customer-centric insurance solutions, to Sri Lankans of all walks of life.”
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