The company offered 50 million ordinary voting shares at LKR 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.
“Amana Takaful Life takes great pride in the strong confidence placed by the investors in the potential and prospects of the company – reflected in the oversubscription of the IPO within several hours,” Chairman – Tyeab Akbarally said.
“Amana Takaful Life will continue to innovate and carry out its strategic initiatives, which have the potential to further enhance its growth trajectory.”
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 LKR 928 million in the financial year ending 31st December 2015 and a profit of LKR 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.