Amana Takaful Life Chairman - Tyeab Akbarally

Demonstrating strong investor confidence in its vibrant prospects and high growth potential, the Initial Public Offering (IPO) of Amana Takaful Life Limited – via an Offer for Sale of Rs. 75 million – was oversubscribed at its opening today.

The company offered 50 million ordinary voting shares at Rs. 1.50 per share on Diri Savi Board of the Colombo Stock Exchange (CSE) – which represents 10% of its total stake – at the successful IPO.

Following the listing, Amana Takaful Life expects its growth – in terms of which the company has outperformed the industry for three consecutive years (as per IBSL Statistical Review 2015) – to accelerate further. The company expects a Compound Annual Growth Rate (CAGR) of 34% over the next five years – supported by a number of strategic initiatives which are underway – which represents a further improvement from its CAGR of 31% over the last five years.

With the listing Amana Takaful Life also becomes the first publicly quoted segregated life insurer in Sri Lanka, following the mandatory segregation of Life and General insurance companies on 1st February 2015, in compliance with Insurance Board of Sri Lanka’s (IBSL’s) Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011.

The Financial Advisor and Manager to the offer was Acuity Partners (Pvt) Limited and Amana Bank was the Banker to the issue. Adfactors PR was the communications/Public Relations partner.

Amana Takaful Life recorded a Gross Written Premium (GWP) of Rs. 928 million in the financial year ending 31st December 2015 and a profit of Rs. 18 million – notwithstanding pressure from increased post-segregation costs and lower yields on investment income.

Amana Takaful Life operates via a branch network of nearly 30 branches that cover 22 districts, including all major cities. The company continuously reaches out to customers from all segments of society and offers innovative products   that are convenient, affordable and reliable. As part of its commitment to remain ‘open to all’, Amana Takaful Life serves all communities and employs a multi-ethnic team across its network.