Amana Takaful Insurance, recently posted handsome financials and growth, for Q1 of 2022, recording a rapid YoY growth of 42% with a total Gross Written Premium (GWP) revenue of Rs 889 million within the quarter.
This comes on top of the stellar growth delivered by the company throughout 2021, where Amana Takaful Insurance won several awards for maintaining steady and rapid growth – including the award for the “Fastest Growing Insurance Company in Sri Lanka” by The Global Economics. It must be further highlighted that this 42% YoY growth for Q1-2022, is on top of the 27% growth gained by Amana Insurance in Q1-2021, signifying the exponential growth the company has achieved over the past two years. These GWP revenue growth rates were among the highest in the local general insurance industry.
In Q1-2022, the GWP for Motor insurance rose by a whopping 50%, while non-motor GWPs also noted a hefty 34% growth during the period. In the non-motor category, Medical, Marine, and Fire & Engineering insurance delivered GWP growths of 47%, 18% and 12% respectively. Thus, in nearly every segment, Amana Takaful Insurance has been a high performer thus paying testament to its unique and people-friendly Takaful insurance solutions.
Shehan Feisal, CEO of Amana Takaful Insurance (Pictured) said, “2021 was an excellent year for us, and based on the Q1 results for this year, we can expect the same for 2022. The past two quarters have been specifically exceptional for us, delivering the highest GWP growth rates we have had since the launch of our refreshed identity in January 2021. We are pleased to note that our robust growth rates continue to be among the highest in the industry – since 2021, which has significantly contributed to our rising market share.
2021 also witnessed Amana Takaful Insurance conduct significant reforms to its distribution strategy via the branch network.
The positive impact of this initiative is reflected in the branch network posting a growth of 22% for the quarter, assisting the company to achieve an all-time sales record in the month of March 2022.
Zakir Kanaka – AGM for Branch Sales Distribution at Amana Takaful Insurance said, “despite challenging market conditions, we witnessed considerable growth in all three classes of business (motor, medical, non-motor) in Q1 2022. The success of the sales teams was largely due to enhanced productivity and resource optimization.”