Amana Takaful (Maldives) PLC Declares Highest Dividend Ever in its 11th Annual General Meeting

Amana Takaful (Maldives) PLC (ATM) successfully concluded its 11th Annual General Meeting (AGM) on 24th May 2022, held virtually on the Fahivote platform. The Board of Directors consciously declared to pay out the highest dividend ever in the history of ATM, based on itsexemplary performance.

The company charted a profit before tax of MVR 22 million in spite of the record claims payout ofMVR 46 million, an increase of 37% compared to 2O2O. The revenue reserves swelled by 25%during the year, achieving MVR 73 million as of 31 December, along wllh a 22o/o increase in totalassets recording MVR 228 million during the same period. This is testimony to the company'sresilience to achieve growth with the changing market dynamics stemming from the economicfluctuations. Despite the setbacks ofthe pandemic's recurring waves, the company also managedto post a positive grovt/th of 9% in gross written premium.

Reflecting on the phenomenal performance of ATM, the Board of Directors declared a finaldividend of 10% in addition to a 10% interim dividend. Hence, the total payout for 2021 sums upto 20% of the face value of a share for the year, an increase of 14o/o comparcd lo 2O2O.

The business has been achieving a consistent bottom-line year on year; total revenue stood atMVR 152.7 million. This is an increase of 9% compared to the past year. The overall impact onthe corporate sector was significant, though ATM managed tactfully through the thick and thin ofcovrD19.

ln delivering exceptional results, the strategic imperatives contributed gracefully as per the Chairman Tayeab Akbarally, "We made several persistent initiatives to galvanize businessmomentum. lnvestments in technology, internal systems, processes, and human resourcescontinued unabated in our pursuit of sustainable growth".

As a trailblazer of Takaful in the Maldives, ATM is mindful of its corporate obligations. ATM hasbeen passionately working with NGOs, Schools, Colleges, and Government lnstitutions to upliftthe societal fabric and embalm people's livelihood. From blood donation to medical campssponsorships for schools and universities, apart from the takaful advocacy programs arenoteworthy.

As a responsible Takaful Operator, ATM has a robust corporate governance framework thatpaves the way for sustainable business practices while providing employment opportunities to theyouth and making a positive impact on the community at large.

The key strategic imperative of ATM is Technological advancement; as mentioned by the CEOMr. Hareez Sulaiman, "lnatiatives to provide digitization solutions to close the entire loop onpersonalized customer transactions and the interface remains at the forefront of the company'saccelerated goal of new customer enlistments". Further he recapped the impact of a new line ofthe business stating, "Afresh impetus by the policymakers to respond to a plea by industry playersfor a level playing field resulted in competitiveness in Expatriate Medical cover".

The company has a reputation for solid fund management and standing by its principles towithstand unwarranted adversities. Surplus distribution has continued unfailingly forthe past nineyears, progressing from 1 0% to 15% in 2021. Total surplus benefit declared during the past threeyears amounts to MVR 5.8 million.

Progressing through its 19th of operations in the Maldives, ATM vehemently appreciates thepatronage of its customers and stakeholders alike. Team Amana is dedicated to helping itscustomers in achieving their personal and professional goals by offering risk managementsolutions.

ATM is the only fully-fledged Takaful operator listed on the Maldives Stock Exchange and hascreated a niche in the market with widespread acceptance garnered over the years. This yeartoo, AGM was concluded with the decision to provide personal accident cover to all individual Shareholders. The closure of the books for dividend distribution was on 15th May 2022. As of thatdate, shareholders in the register will be entitled to dividends.