AMANA TAKAFUL GENERAL INSURANCE
records significant growth in Q1
- Records 27% GWP growth despite Covid-19 pandemic
- Substantial growth ratios recorded in all sub-classes; motor, medical, marine and fire insurance
Amana Takaful Insurance, announces its performance in the General Insurance sector for the first quarter of 2021 to have recorded a 27% YoY growth in Gross Written Premium (GWP), the industry dipstick for insurance sales performance.
CEO of Amana Takaful Insurance (General) Mr Shehan Feisal, elaborating on the company’s Q1 performance said: “I am pleased to announce that Amana Takaful Insurance is among the leaders of Sri Lanka’s insurance sector in the First Quarter of 2021. What is significant is that this feat has been achieved amid many pressures of the new normal; macro-economic pressures, insurance sector constraints and the pandemic’s pressure on people’s lives.”
The company also reported strong growth in all insurance classes during the first quarter. Its largest non-motor insurance growth segment was Marine Insurance, growing at a staggering 69% compared to 2020. Amana Insurance’s Fire & Engineering Insurance was the second largest growth area in Q1-2021, growing by 38% while Medical Insurance grew by 35%. The growth in Motor Insurance was also recorded at 19%; one of the highest growth percentages among industry peers.
Commenting on the Q1 financial performance, the Managing Director Mr Hassan Kassim adds, “The rapid growth that we are witnessing at Amana Takaful Insurance in the year 2021 must be attributed to the key strategic changes that were made in 2020 which brought in fresh thinking and modern processes into the organization. Overall, we’re happy with the team’s performance so far, as we look to continuously improve ourselves in being the most customer-friendly insurance company in Sri Lanka.”
It is believed that Amana Takaful Insurance’s novel, innovative and customer-centric approach to insurance in Sri Lanka, coupled with its refreshed brand identity that was launched in January 2021 has provided these significant results despite the current macro-economic situation and health challenges within the country.