Amãna Takaful keeps its promise for third consecutive year

Amana Takaful PLC (ATL) will pay a Surplus to its general insurance policy-holders for the third consecutive year. Following Surplus payments of 12.5% and 15% in 2012 and 2013, the board decided to award a Surplus of 10% for 2014, to be distributed among the company's non-claimant policy-holders.

As opposed to conventional insurance, the Takaful concept not only benefits claimants but also takes care of non-claimant policyholders. Such policy-holders receive a proportionate share of the Surplus from the risk fund at the end of a defined period.

Composite Gross Written Premium of ATL 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 General Takaful segment achieved a GWP of Rs. 1.38 billion an increase 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. Industry-wide, ATL has a record of a relatively low claims ratio, attributable to astute claims management due to prudent underwriting and risk assessment. As a consequence, the risk fund is in surplus for the third successive year, enabling the company to distribute a surplus to non-claimant participants in 2015, on the basis of the fund's performance in the reporting year."We are delighted to share a Surplus with all our non-claimant policyholders for the third consecutive year.

In this this pay-out, non-claimants in respect of medical policies too are included. This must not be confused with the No Claim Bonus (NCB), which is a feature of a regular motor insurance policy. We shall make every endeavour to keep rewards coming your way over the years," said Chief Executive Officer, ATL, Fazal Ghaffoor.