Sri Lanka’s Janashakthi Insurance recovers in first half

Aug 25, 2008 (LBO) – Sri Lanka’s Janashakthi Insurance Company recovered to post a profit of 82.2 million rupees for the first half of 2008, from a loss of 0.5 million a year ago, interim results released to the stock exchange showed.

Janashakthi Insurance earnings per share increased to 0.37 rupees during the 6-month period ended June 2008.

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The firm’s revenue increased 15.6 percent to 2,652 million rupees during the same period.

Its 2008 first quarter net profit was 56 million rupees compared to a net loss of 85 million in the 2007 quarter.

Janashakthi Insurance gross written premium was up 7.0 percent to 2,631 million while the net written premium had increased by a similar percentage to 2,301 million rupees.

The firm’s net insurance claims and benefits for the period rose 15.5 percent to 1,809 million rupees.

Its other revenue more than doubled to 769 million rupees from 323 million while investment income increased 42 percent to 335.1 million.

Total assets of the firm stood at 10,716 million rupees at the end of June.