Records 18% overall general insurance sales growth in Q2, significantly above industry averages
Amana Takaful Insurance (ATI), Sri Lanka’s fully fledged insurance company, announces that its 2021 first quarter record performance has been successfully sustained during the second quarter as well. ATI has triumphed Q2, with an 18% YoY sales growth – the highest second quarter YoY growth performance among the top 10 General Insurance companies in Sri Lanka.
Head of Corporate Strategy at ATI Rajitha Obeysekera, elaborating on the company’s Q2 performance said: “ATI had recorded a significant growth during the first quarter of 2021, with a strong 27% YoY growth. The continued momentum to witness an 18% sales growth in Q2 is of paramount importance, since nationally, the general insurance market has been on the decline due to the Covid-induced difficulties. In fact, this is a double win for the company. Not only did it continue to grow in a time-period of decline, the company did so while facing many pressures of the new normal: macro-economic pressures, and the subsequent drop in the prioritization of insurance by the people. We attribute this double-win to our customer-centric approach, and being able to provide our clients with their most desired insurance solutions.”
In the second quarter, ATI reports growth in all main insurance categories – despite some categories having witnessed an industry-wide decline. Its largest non-motor insurance growth in Q2 was Marine Insurance, growing at 74% YoY for Q2. ATI’s Medical Insurance, the second largest growth segment, reported 59% increase. Non-Motor Insurance overall grew by 30%, while Motor insurance grew by 8% YoY for the second quarter – both segments above industry growth averages. The Fire and Engineering segment grew by 29% as well.
The Managing Director at Amana Takaful Insurance Hassan Kassim comments: “Our Group assets too recorded an increase of 16% (to Rs 8.2 Billion) in the first half of 2021. Our corporate promise earlier this year, to provide our support and services ‘To Every Sri Lankan, as one’ reflects the new service orientation of Amana Takaful Insurance, in providing peace-of-mind through innovative and customer-centric insurance solutions, to Sri Lankans of all walks of life. We have pioneered different novel product concepts in the Sri Lankan insurance sphere, especially across the motor and medical insurance product portfolio. This has attracted a lot of trust and respect towards the brand, enabling us to continue the company’s growth. The ATI team led by CEO Shehan Feisal, worked tirelessly and I wholeheartedly thank the team for their commitment.”
About Amana Takaful Insurance:
Amana Takaful Insurance pioneered a unique concept of Insurance (Takaful) in Sri Lanka which is based on customer-centricity and ethical practices, and has today become a fully-fledged insurance company in Sri Lanka. It is compliant with the statutory provisions of Regulation of Insurance Industry (amendment), Act no. 3 of 2011 which stipulates all composite insurance providers to segregate long-term and general insurance businesses. Amana Takaful Insurance offers a complete range of Life and General insurance solutions as well as tailor-made health insurance policies to suit the overall health needs of diverse segments of society.