For the 7th consecutive quarter, since 2021, Amana Takaful Insurance PLC has managed to retain its status and position as Sri Lanka’s fastest-growing insurance company. This was revealed as the Company released its 2022 Q3 financials to the public recently. Amana Takaful Insurance PLC witnessed a revenue growth of 46% as of Q3 of 2022, compared to the same period in the year prior, with revenues rising to LKR 2.547 billion during the period. Growth in revenue, together with growth in both the Non-Motor and Motor insurance segments, were also significantly above industry averages.
Analysing and comparing growth achieved in recent years for Q3 demonstrates Amana Takaful Insurance PLC’s accelerating speed of growth, with growth in Q3 of 2021 over 2020 posted at 26%, while Q3 of 2022 over 2021 has increased to 46%. This then demonstrates that the Company has been able to achieve cumulative growth of 72% within just two years, which is phenomenal.
Commenting on the Company’s financial performance, CEO, Shehan Faisal said, “We set out to provide exceptional value to all our stakeholders; shareholders, customers and employees alike, and we have continued to keep up to this promise. We have combined our service delivery and business processes with effective strategic planning to position ourselves among the top choices for insurance in Sri Lanka. The effectiveness of our approach as well as our unique and people-friendly business model is demonstrated by the exceptional rates of growth we have achieved in the past couple of years. Amana Takaful Insurance is for all Sri Lankans, and customers have reacted positively to this.”
Head of Corporate Strategy at Amana Takaful Insurance PLC, Rajitha Obeysekara also added, “Our winning strategy is delivering phenomenal growth momentum, which has continued to be sustainable over the near to medium term. For 2023 as well, we have concrete and well-planned initiatives to further expand our reach and support this growth momentum. Our open philosophy, and consistency of delivering on our promises, such as on-time claims pay-outs and fair and transparent policies, which mutually benefit customers and our business, have delivered. We take this opportunity to thank customers for placing their trust in us, and invite all Sri Lankans to join with the people-friendly business model of 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. 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 expanded its geographic foot-print through 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 subsequently incorporated as a free-standing PLC and listed on the Maldives Stock Exchange (MSE) in 2011. 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.