Sri Lanka Janashakthi Insurance expands in former war zone

Sept 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it was expanding rapidly in the north and east, setting up branches and hiring more staff in the former zone. Janashakthi last weekend opened two brand new offices in Chavakachcheri and Chunnakam in the northern Jaffna peninsula, it said in a statement.

“The two new offices will generate employment to nearly 200 persons and thus total about 1,000 in the entire North and East with further expansion.”

The local economy of the north and east is reviving with the end of hostilities in May when government forces defeated the Tamil Tiger rebels.

Managing Director of Janashakthi Insurance Prakash Schaffter said the prospect of expanding in the North and East is part of a long term business growth plan.

Janashakthi currently has over 100 branches islandwide and more in the pipeline.

Janashakthi said it has a stated capital of over 1.49 billion rupees, with an asset base of over 10 billion rupees, of which 3.4 billion are in government securities