September 12, 2006 (LBO) – Sri Lanka’s Janashakthi Insurance Company Ltd said its profits grew 324 percent to 209.5 million during the financial year ended December 2005. The privately held insurer reported 32.6 percent sales growth of 3.86 billion rupees despite facing stiff competition for a slice of the country’s tiny insurance market.
Income from investments rose 39 percent to 766 million rupees in 2005, the insurer said in a statement Tuesday.
“We have also retained our position as the third largest general insurer in Sri Lanka by a wide margin,” Janashakthi Chairman Tommy Ellawala said.
The group’s general insurance segment extended 16 percent to 2.89 billion rupees in 2005 boosted by underwriting motor policies.
The general insurance segment made a turnaround during the period under review, making an underwriting profit of 216 million rupees in 2005, following a 74 million rupee loss a year earlier, on account of tsunami claims.
The December 2004 tsunami which killed over 31,000 people and displaced over a million people, left Janashakthi with claims of over 3.0 billion rupees.
Business from life insurance grew 22 percent to 814 mil