Extending mutual microinsurance to 5 million uninsured households in five countries over five years.

Amãna Takaful (Sri Lanka)

Amãna Takaful PLC (ATL) is a mutual protection and joint guarantee insurance company, dedicated to provide clients with up-to-date, competitively superior financial solutions.

Since inception in 1999, ATL has been the recognized as the flag bearer of the Takaful way of insurance in Sri Lanka, with an island wide network of 27 branches. It has been successful in establishing a strong position for the concept of Takaful which established conventional players now try to emulate.

Listed in the Colombo Stock Exchange since 2006, ATL it is also one of the few ISO-certified insurance providers in Sri Lanka. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable.

As opposed to the conventional approach of risk transfers in insurance, the Takaful concept is based on the principles of mutual well-being.

The distinguishing feature of the concept is that it not only benefits claimants, but also provides protection and benefits for non-claimant policyholders. Non-claimant policyholders receive a proportionate share of the SURPLUS from the risk fund at the end of a defined period.

Amana Takaful Life (ATL Life), a subsidiary of ATL recently offered the general public an IPO which was oversubscribed on its opening day, demonstrating strong investor confidence in the company. With the listing, ATL Life became the first publicly quoted life insurer in Sri Lanka, following the mandatory segregation of Life and General insurance companies, in compliance with Insurance Board of Sri Lanka’s (IBSL’s) Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011.

It is also commendable that the overseas branch operation in the Republic of Maldives since 2005 was incorporated as a free-standing PLC listed on the Maldivian Stock Exchange in 2011.

As part of its commitment to remain ‘open to all’, ALT serves all communities and employs a multi-ethnic team across its network.

Country project: 
ICMIF member since: 
2004