Nov 15, 2017 (LBO) – Janashakthi Insurance PLC (Janashakthi) reported a consolidated Gross Written Premium (GWP) of 11.047 billion rupees for the nine months ended 30th September 2017, the company said in a statement.
This is a growth of 12.4 percent over the same period last year.
Posting a GWP of 8.9 billion rupees, the Non-Life or General Insurance segment continued to be the key driver of Janashakthi’s growth, while the Life Insurance segment recorded a GWP of 2.1 billion rupees.
The insurer says that ongoing restructuring of its Life Insurance business was set to drive higher returns in Q4 2017.
Janashakthi posted these numbers despite the impact of a spike in Fire & Engineering and Medical claims during this period, as well as the kicking in of the full year adjustment for impairment of goodwill.
The Company had disbursed Rs. 5.5 billion towards claims, posting an 11% YoY rise during the period under review. This further underscores Janashakthi’s strong fundamentals as well as its steadfast commitment to standing by its policyholders during times of distress.
“I am pleased to report that we have been able to build on the momentum gained during the first half of the year and register double digit growth in premiumsat the end of the third quarter.We have posted these numbers despite having witnessed a significant rise in claimsettlements. This has been possible thanks to our strong fundamentals and prudent reinsurance structure. We look forward to ending the year on a high note while staying focused on growing the business exponentially and delivering greater value to all our stakeholders,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
The Group’s consolidated total assets stood at 35.8 billion rupees as of 30th September 2017,of which 24.5 billion rupees was held in the form of investments.
The investments portfolio grew by 2.9 billion rupees during the nine months under review,with average yields exceeding 11%. This was the key driving force behind the 30 percent YoY growth in total other revenue, which came in at 2.242 billion rupees.