Aug 14, 2018 (LBO) – Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6 percent year on year (YoY) growth in Gross Written Premium (GWP)for the six months ended 30thJune 2018, ending the period under review with premiums of 1.445 billion rupees.
Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12 percent YoY, from 546 million rupees to 610 million rupees.
Overhead expenses grew from 299 million rupees to 738 million rupees, primarily due to one-off payments related to the divesture of Janashakthi General Insurance Limited and re-structuring.
Investment income grew from .649 million rupees to 750 million rupees, a significant YoY growth of 16 percent.
This was aided largely by the 28 rupees YoY growth in the investment portfolio, from 12.4 billion rupees to 15.8 billion rupees.
The total assets of the Company stood at 18.9 billion rupees. This was a result of Janashakthi’s move to return substantial revenue reserves toits shareholders through a share buyback in March 2018.
Janashakthi re-branded its Life Insurance business as “Janashakthi Life” during the month of June, with the launch of a new brand identity supported by an integrated brand communications campaign.
The Company also unveiled its long term strategic plan which includes transitioning the organisation towards a purpose-driven entity.The Company is forging aheadin the expansion of its dedicated Life branch networkand hopes to complete it by November 2018. The first model branch was opened in Nugegodain July as a part of this effort.