May 25, 2007 (LBO) – Janashakthi Insurance Co. Ltd, says general insurance premiums grew 37 percent in the first quarter with motor insurance growing 40 percent. The general insurance has grossed 1,028 million rupees, which was up 277 million for the March quarter.
Gross written premium of the life side has also grown 27 percent.
Its first year premiums grew 28 percent with 13,600 policies, which the company says is above industry average, while renewal premiums were up 26 percent.
“Total consolidated Gross Written Premium (GWP) of the company reached Rs. 1.3 billion, a 34 percent growth,” Prakash Schaffter, Managing Director of Janashakthi Insurance Co. Ltd said in a statement.
Despite the stiff competition and difficult market conditions within which we operate, we are confident of continuing with our current above industry growth momentum during the rest of the year. General Manager – Sales and Marketing Ravi Liyanage says the firm’s Janashakthi Full Option brand has led the growth despite heavy competition.