Amana Takaful Insurance, recently reported strong financial results and growth for the first quarter of 2022, recording rapid annual growth of 42% with total gross written premium (GWP) revenue of LKR 889 million during the quarter. This is in addition to the company’s meteoric growth throughout 2021, where Amana Takaful Insurance has won several awards for maintaining steady and rapid growth – including the award for ‘Growth Insurance Company fastest in Sri Lanka” by The Global Economics.
It should further be noted that this 42% year-over-year growth for Q1 2022 comes on top of the 27% growth recorded by Amana Insurance in Q1 2021, signifying the exponential growth the business has achieved. over the past two years. These GWP revenue growth rates were among the highest in the local general insurance industry.
In the first quarter of 2022, the GWP for motor insurance increased by 50%, while non-motor GWPs also recorded a strong growth of 34% during the period. In the non-auto category, medical, marine, and fire & engineering posted GWP growth of 47%, 18%, and 12%, respectively. So, in almost every segment, Amana Takaful Insurance performed very well, testifying to its unique and user-friendly Takaful insurance solutions.
Discussing the company’s outstanding performance, Shehan Feisal, CEO of Amana Takaful Insurance, said, “2021 has been a great year for us, and based on this year’s first quarter results, we can expect same for 2022. The last two quarters have been specifically exceptional for us, delivering the highest GWP growth rates we have had since launching our renewed identity in January 2021. We are pleased to note that our growth rates robust continues to be among the highest in the industry – since 2021, which has significantly contributed to our increase in market share. Our efforts in the motor insurance segment have also paid off, generating a meteoric growth of 50%, and this segment will be a key part of our strategy in the future.
2021 also saw Amana Takaful Insurance carry out significant reforms to its distribution strategy through the branch network. The positive impact of this initiative is reflected in the branch network posting 22% growth for the quarter, helping the company achieve an all-time sales record in the month of March 2022. Commenting on this positive development, Zakir Kanaka – AGM for Branch Sales Distribution at Amana Takaful Insurance said, “Despite challenging market conditions, we saw tremendous growth across all three business categories (Automotive, Medical, Non-Automotive) in the first quarter of 2022. The success of the sales teams was largely due to improved productivity and resource optimization. The entire sales force and operations teams have been engaged and working hard to deliver business results in these challenging times. »
Amana Takaful Insurance pioneered a unique concept of insurance (Takaful) in Sri Lanka, based on customer focus and ethical practices, and today has become a full-fledged insurance company in Sri Lanka. Amana Takaful Insurance was incorporated as a public company in 1999 and has been listed on the Colombo Stock Exchange since 2006. Amana Takaful Insurance has extended its geographic footprint through over 35 branches across Sri Lanka, covering all provinces. An ISO 9001 accredited organization, Amana Takaful Insurance has also maintained an overseas presence in the Maldives since 2005, which was later incorporated as a stand-alone PLC and listed on the Maldives Stock Exchange (MSE) in 2011. Amana Takaful Insurance offers a range of life and casualty insurance solutions as well as tailor-made health insurance policies to meet the global health needs of various segments of society.