February 12 (LBO) – The life business of Janashakthi Insurance grew by 26 percent in the year to December with branch expansion driving new business, while total gross premium reached 4.1 billion rupees, the company said Monday. Life business volumes reached 1,025 million rupees with first year life premiums growing by 37 percent to 479 million rupees.
“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 th