Janashakthi records 11-pct GWP growth in first six months

Prakash-Schaffter-Janashakthi

Aug 17, 2017 (LBO) – Janashakthi Insurance PLC (Janashakthi) registered consolidated Gross Written Premium (GWP) of Rs. 7.22 billion for the six months period ended 30th June 2017, with a year-on-year growth of 11 percent.

This was backed by strong growth in the Non-Life or General Insurance segment with a GWP of Rs. 5.858 billion.

“The Life Insurance business posted a GWP of Rs. 1.364 billion as ongoing restructuring efforts continued, with the Company expecting these efforts to bear fruit in the future,” the company said.

The Insurer also saw the half year adjustment for impairment of goodwill impact its consolidated Profit After Tax (PAT) by Rs. 133 million.

“Janashakthi posted these numbers whilst continuing to honour its commitment to policyholders as reflected in the 11% YoY rise in consolidated claims during the period under review.”

The Company had disbursed Rs. 3.565 billion towards claims with over Rs. 3 billion of this sum having gone towards Non-Life claims, influenced by the non-motor segment.

“I am delighted to note that we have been able to maintain the momentum gained during Q1, 2017 and register double digit growth in premiums through the first six months of the year,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.

“Spring boarding from here, we look forward to growing the business exponentially and deliver greater value to all our stakeholders as we remain firmly committed to service excellence.”

The Group consolidated total assets stood at Rs. 34.2 billion as of 30th June, 2017 with investments accounting for Rs. 23.5 billion of this figure.

Investments portfolio grew by Rs. 2 billion during this six month period with average yields exceeding 10%. This was the key driving force behind the 36% YoY growth in total other revenue, which came in at Rs.1.474 billion.

“The Company continued its momentum towards delivering service excellence to its customers, while driving transformative initiatives in Marketing, HR and IT,” a statement said.

“These efforts have received recognition at forums such as the Fintelekt Insurance Awards, where the Janashakthi team won the ‘Corporate Social Responsibility Initiative’ award in recognition of the ‘Janashakthi Full Option Appathon – the Next Gen Smart Tech Challenge’ initiative.”

The Board of Directors of Janashakthi Insurance PLC comprises Husein Esufally, Chairman; Prakash Schaffter, Managing Director; Jude Fernando; Stuart Chapman; Ramesh Schaffter, L. C. R. de C. Wijetunge, Anushya Coomaraswamy, Manjula Mathews, and Eardley Perera.