"We are very pleased with the last year's growth in life business. The total number of polices registered a 27 percent growth totaling up to 53,000 policies", Prakash Schaffter, Managing Director of Janashakthi Insurance Co. Ltd said in a statement.

Janashakthi now had 100 branches around the island.

Ravi Liyanage, General Manager Sales & Marketing of Janashakthi Insurance says motor insurance grew by 24 percent over 2005, which was above the industry average.

"This achievement was mainly supported by the contribution from the branch network, registering a growth of 34 percent compared to the previous year," he said.

Motor insurance is sold under the Janashakthi Full Option brand which has won an award for innovation at SLIM Brand Excellence 2006. It can be paid in installments through a credit card.

Last year Janashakthi Insurance also started the 'Full Option Safety Net' vehicle tracking and immobilizing system, using GPS technology.

"Our performance over the last 12 years is in itself an indication of the organization's capabilities," says Shaffter.

"We have succeeded in surpassing competitors who have been in existence for much longer than us."

Janashakthi Insurance is part of a diversified group that has interests in dairy industry, finance and investments, agriculture, property development, venture capital and manufacturing as well as insurance.