5 September 2016 10:36 am Views - 1253
• First segregated Lankan Lifeinsurer to announce IPO post segregation of insurance industry
• LKR 75 million IPO, via an offer for sale, together with concerted strategic initiatives expected to support ATL LIFE in growing even further ahead of the industry
• ATL LIFE targets increasing its CAGR from 31% over the last five years to 34% over the next five years
Amana Takaful Life Limited(ATL Life), a fully-owned subsidiary of Amana Takaful PLC (ATL), rang the opening bell to commence trading and celebrate the listing ofits shares on the DiriSavi Board of the Colombo Stock Exchange. The market opening ceremony was held to mark the commencement of trading on the 18th of August withthe presence of Fazal Ghaffoor – Executive Director, ATL Life, Gehan Rajapakse – CEO, ATL Life, Reyaz Jeffrey – Outgoing CEO, ATL Life, Dato’ Mohd Fadzli Yusof – Director, ATL Life, M.H.M. Rafiq – Director, ATL Life, A.H.M. Dilshad - Head of Compliance, ATL,Vajira Kulatilaka – Chairman, CSE, Rajeeva Bandaranaike – CEO, CSE and the senior management of the CSE.
ATL Life is a public company which offers both Casualty Insurance and Life Insurance to their loyal customer base in partnership with their holding company, ATL. Over the years, the company has achieved many major milestones and they hope to achieve another by proposing an initial public offeringof LKR 75 Million. During the last five years, the company’s CAGR has been at 31% but they hope to achieve a CAGR(Compound Annual Growth Rate) of 34% within the next five years by implementing strategic initiatives that will help support the expected growth.
The commencement of trading in the Ceylon Stock Exchange listed on the DiriSavi Board will vastly contribute towards the growth of the company. Ordinary voting shares of 50 Million will be offered which will be equivalent to a 10% equity stake in the company.
According to the IBSL statistical review, ATL Life has performed exceedingly well for three consecutive years. The growth of the company will definitely boost as the IPO complies with the IBSL’s regulation of insurance industry Act No.3 of 201. Following the listing, ATL Life will gain recognition for being the first publicly quoted segregated Lifeinsurer in the country.
“ATLLife 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,” TyeabAkbarally– Chairman, ATLsaid. “ATLLife will continue to innovate and carry out its strategic initiatives, which have the potential to further enhance its growth trajectory.”
Amãna Takaful continues to be in the forefront of the insurance industry in Sri Lanka and caters to all segments of customers. The Takaful way of insurance operates on the concept of bringing people together to be part of a system that gives them the opportunity to help each other. Since its inception over 17 years ago, ATL been successful in establishing a strong position for the concept of Takaful amidst stiff competition from established conventional players. One of the few ISO-certified insurance providers in Sri Lanka, ATL operates with 27 branches and is set to expand further to better serve customers across the country. 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 part of its commitment to remain ‘open to all’, ATL serves all communities and employs a multi-ethnic team across its network. The company was also recently upgraded by the Lanka Rating Agency to a rating of BBB/P3/Stable and recently achieved ISO 9001:2008 re-certification.