Amãna Takaful Group bounces back from losses to Rs93mn profit

93 Million at the half year ending June 2017. This compares to a loss of Rs. 42 Million over the same period in 2016. The Group’s Gross Written Premium (GWP) of Rs. 1.93 Billion is a 3% upside over 2016. A combination of factors contributed to this achievement. Investment income improved significantly to Rs. 220.27 Million, (a growth of 83%) together with efficiencies on the cost base boosted this performance. These results are attributable to Amãna Takaful PLC, Amãna Takaful Life and Amãna Takaful Maldives. Commenting on this performance, Tyeab Akbarally – Chairman, Amãna Takaful PLC, said “Stakeholders will be happy to note that in the last 12 months, amidst the challenges in Group Restructure, listing of the Life company and the successful accomplishment of the Rights Issue, which was necessitated in fulfilling the regulatory requirements, the position of the Group has been strengthened for stability and growth.” GWP growth at Amãna Takaful PLC doubled to 10% compared to 2016. Consequently, ATPLC records a profit of Rs. 30 Million in comparison to a loss of Rs.
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98 Million in 2016. This includes an intercompany dividend of Rs. 7 Mn. A conscious effort in boosting productivity and a shift in the product lines to rebalance the portfolio from its over- dependence on motor previously was necessitated. This contributed in large measure towards managing the flood claims in 2017 as opposed to the same phenomenon last year. Listed as a new entity on the CSE in august 2016, Amãna Takaful Life PLC reports a profit of Rs. 24 Million in the first half of 2017. Here too, a realignment of the portfolio and prudent investments, positioned the company to double the profit outturn over the corresponding period in 2016. Despite the challenging environment in the Maldives, Amãna Takaful Maldives PLC sustained their GWP at Rs. 670 million with a profit outturn of Rs. 44.7 Million. The company continues to pay SURPLUS and dividends consistently since its listing on the Maldivian Stock Exchange in 2011. Pioneering the Takaful concept of insurance, each of the three entities remain the only fully fledged Takaful operators in their own right. (Media Release)
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