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SUSTAINABLE GROWTH IN CHALLENGING TIMES - 12th Annual General Meeting

The Island Nation’s only fully-fledged Takaful Operator celebrates two decades of its bespoke services to the populace of this nation. The journey that began with a couple of staff members is today known for its prodigious service quality, reliability, and trustworthiness. Undeniably these are the attributes that are hard coded to sustain in a journey where Takaful coexists in a conventional domain. One after the other, Amana Takaful Maldives (ATM) triumphed setting new records, achieving new heights, overcoming challenging obstacles, and increasing brand equity to make a foothold in the Insurance industry of Maldives.

Shareholders will be pleased to note that ATM reports a Top-Line growth of 29%, Comprehensive Income up 70% to MVR 26.95 MN, and Investment Returns increasing by 85% over 2021. The Profit out-turn at MVR 19 MN was compelling in yet another year of extraordinary Claims, all of which have been provided or settled in full, and the Return on Equity of 14% exceeded the target.

The eventful year of 2022 is remarked with a Surplus Payout of MVR 809,000 shared with non-Claimant certificate holders for the tenth year in succession. Besides, an interim dividend of MVR 2.63 MN was paid out in December 2022, and a final dividend of MVR 3.94 MN was declared by the board of directors and approved at this 12th Annual General Meeting. The total payout for 2022 sums up to 25% of the face value of a share for the year, an increase of 5% compared to 2021.

In 2022, a substantial rise in claims payout of MVR 92 MN, an increase of 117% from the previous year, was attributed largely to the medical class, which grew by circa 39%. The spike in medical inflation has been the primary cause, impacting its profitability.

The gradual emergence of investment opportunities conforming to Shari’ah principles in the market was the catalyst of the unprecedented growth in investment returns of 24%, generating MVR 10.3 MN return on invested assets. This impressive trend is an optimistic gateway for Islamic finance institutions to delve further into expanding its prospects in the market. Investment options such as Islamic Treasury Bills and online platforms for trading private securities, in line with the rising demand for structured facilities, have expanded the investment horizon. ATM is continuously seeking new opportunities to diversify its investment portfolio.

In delivering exceptional results, the strategic imperatives contributed gracefully as per Chairman Tyeab Akbarally, “Be it the Tsunami of 2004, the Global Financial Crisis of 2008, Economic and Political upheavals, and more recently, the Pandemic, your Company has been able to beat these ‘storms’ and emerge unscathed’’.

As an accountable and reliable Takaful Operator, ATM has a robust corporate governance framework that paves the way for sustainable business practices while creating job prospects for the youth and positively influencing the community.

“Despite the prevalence of unscrupulous market practices, ATM has managed to establish itself as a reputable, trustworthy, and popular brand that has never compromised service quality for market share”, Managing Director Mr. Hareez Sulaiman assured ATM’s commitment to upholding the doctrines of the good governance framework.

Over the next two years, ATM will focus on the key initiatives to provide valuable services for the customers, reduce complexity and equip for volatility while accelerating the business in all aspects for the benefit of all the stakeholders. Hence, the company is winning in its spectrum through its pioneering spirit to remain an attractive and reliable investment even in times of uncertainty and change.

Mr. Alau Ali and Dr. Ahmed Inaz have been reappointed as Independent Directors, receiving a significant majority of shareholder votes. Mr. Alau is a prominent figure in the business community, while Dr. Inaz has a distinguished academic background.

In line with previous years, the Board has decided to extend personal accident insurance coverage to all individual Shareholders for the current year. This announcement was made during the Annual General Meeting, and further information will be available on the company's website.

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