Amana Takaful reports impressive Q1 revenue growth

Amana Takaful Insurance in Q1 of 2022 has recorded a YoY growth of 42 per cent with a total Gross Written Premium (GWP) revenue of Rs.889 million within the quarter.

This comes on top of the growth delivered by the company throughout 2021, the company said in a media release

The 42 per cent YoY growth for Q1-2022, is on top of the 27 per cent growth gained by Amana Insurance in Q1-2021, signifying the exponential growth the company has achieved over the past two years.

Discussing the company’s performance, Shehan Feisal, CEO of Amana Takaful Insurance said, “2021 was an excellent year for us, and based on the Q1 results for this year, we can expect the same for 2022. The past two quarters have been specifically exceptional for us, delivering the highest GWP growth rates we have had since the launch of our refreshed identity in January 2021. We are pleased to note that our robust growth rates continue to be among the highest in the industry – since 2021, which has significantly contributed to our rising market share. Our efforts in the motor insurance segment have also paid off, delivering a stellar growth of 50%, and this segment will be a critical part of our strategy going forward”.

Zakir Kanaka - AGM for Branch Sales Distribution at Amana Takaful Insurance, said, “Despite challenging market conditions, we witnessed considerable growth in all three classes of business (motor, medical, non-motor) in Q1 2022. The success of the sales teams was largely due to enhanced productivity and resource optimisation. The entire sales force, and operational teams were committed and put in a lot of effort in delivering business results during these challenging times.”