Amăna Takaful sustains profit momentum
Amăna Takaful sustained its profit momentum for the third consecutive
year since the company turned around in 2012, while meeting its
segregation requirements in full compliance, in a timely manner.
The Composite Gross Written Premium of Amăna Takaful PLC (ATPLC) grew
by 10.2% over the previous year, ahead of industry growth and crossing
the Rs.2 billion threshold to close at Rs.2.06 billion.
The Life segment grew by an encouraging 25.2% to Rs.679.03 million,
accounting for a third of the composite business share. Profits in 2014
Rs.63.7 million, 45.5%, compared to the previous year.
The group's consolidated revenue of Rs.2.38 billion, a growth of
11.2% over 2013, yielded a profit after tax of Rs.109.74 million.
This compares with a profit in 2013 of Rs.157.8 million, which
included a one-off gain of Rs.27 million on the sale of three
subsidiaries.The profits generated over the last three years have led to
a reduction of the group's retained losses from Rs. 414.96 million in
2011 to Rs.116.36 million at the close of 2014.
The Life business growth from Rs. 543 million to Rs. 679 million in
2014 was balanced with new subscriptions between the Regular Portfolio
and Prosper - our wealth management product.
The Non-Life GWP of Rs. 1.38 billion increased by 4.0% over the
previous year, in which the motor class sustained its revenue, while
non-motor business improved by 15.9%. Net claims increased to Rs. 636
million, 5.5% over 2013.
"Following surplus payments to non-claimant customers in 2012 and
2013, a further surplus payment is planned for the 2nd quarter in 2015,
on the basis of the 2014 results," said Chairman Tyeab Akbarally. |
