Amăna Takaful records Rs. 117m PAT
Amăna Takaful recorded a Profit After Tax of Rs. 117 million for
2013, an eight-fold increase over the previous year's restated profits.
Following its turnaround in 2012, the company has consistently improved
results supported by all aspects of its business.
Consolidated Gross Written Premium (GWP) of Rs. 1.9 billion showed an
increase of 19.7% over 2012.
This growth is twice the industry pace, a feat the company has
consistently achieved in the past three years.
Individually, GWP of the General and Life segments of the business
recorded Rs. 1.32 billion and Rs. 543 million.
The Life business growth was balanced with new subscriptions between
the Regular Portfolio and Prosper, with the wealth management product
growing collectively by almost 50% over 2012.
The motor and non-motor classes improved by 9.8% and 13.3%. Motor
class achieved product-line profitability for the first time in a full
year while all other classes continued their profit momentum.
CEO, Amăna Takaful, Fazal Ghaffoor said, "While the Life segment
contributed to our overall growth in volume, the modest increase in the
General segment contributed largely to profits."
"In the General segment, the net claims experience was Rs. 595
million, which was 2.9% over 2012.
Amăna Takaful has a record of a relatively low claims ratio,
attributable to astute claims management due to prudent underwriting and
risk assessment," he said.
"This is reflected in our claims ratio of 54.2% for the segment,
which is the lowest among the insurance players listed in the Colombo
Stock Exchange.
The combined ratio of the segment is 97% and due to this the risk
fund is in surplus for the second successive year, enabling the company
to distribute a surplus to non-claimant participants this year too,"
Ghafoor said.
"This is in line with our momentum in 2012 where we distributed a
surplus of 12.5% to all non-claimant participants," he said.
"The overall operational efficiency of the company is reflected in
the underwriting margin of 28%, the highest among listed insurers. The
total underwriting result for the year was Rs. 531 million, 24% higher
than 2012," said Ghaffoor. |
