Amãna Takaful distributes surplus to policyholders

Wednesday, 29 May 2013 00:12 - - {{hitsCtrl.values.hits}}

Redefining insurance the Takaful way, Amãna Takaful PLC (ATPLC), recently announced to its general insurance customers a ‘payment of surplus’, which gives Takaful policyholders a proportionate rate from the Surplus of the risk fund. As opposed to conventional insurance, the Takaful concept not only benefits claimants but also takes care of non-claimants. Non-claimants receive a proportionate share of the Surplus from the risk fund at the end of a defined period.

By virtue of being a Takaful policyholder, one becomes a participant of the risk pool. The risk pool meets all claims of the membership among other expenses. In the event of a Surplus in the risk pool, non-claimants among the participants are entitled to a proportionate share of the proceeds.

“With our relentless pursuit to achieve sustainable growth and profits, we are delighted to share a Surplus in the first year of our revised strategic plan. Non-claimant Takaful policyholders will receive their share of the surplus amounting 12.5% of the residual portion of the risk fund shortly,” Amãna Takaful PLC Chief Executive Officer Fazal Ghaffoor said.

“All policyholders will do well to note that this must not be confused with the No Claim Bonus (NCB), which is a feature of any regular motor insurance policy,” he added. “Whilst thanking our customers for subscribing to products and services of Amãna Takaful PLC, we look forward to their valuable patronage in the future. We shall make every endeavour to keep rewards coming your way over the years,” he concluded.

Meanwhile, ATPLC posted modest growth in all aspects of the business in Q1 2013. Releasing their interim results, the company reported that consolidated Revenue of Rs. 463.4 million grew by 15% over Q1/2012 with profit before tax of Rs. 22.9 million, an increase of 55% in the same comparison. One of a few ISO certified insurance operators in Sri Lanka ATPLC now operates in 22 locations with plans of expanding its footprint further.

ATPLC also operates three key strategic business units that specialise in life, general and medical Takaful, which is unique in its approach to serve the respective developing customer segments. Furthermore, by keeping to its tenet of mutuality, the company also offers financial protection through the Takaful concept to the needy of the Sri Lankan populace by providing Navodhaya - ATPLC’s Micro-Takaful (insurance) solution. General Takaful (insurance) customers of Amãna Takaful PLC may call the hotline 7501000 for any clarifications.