(PRESS RELEASE) – Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit Before Tax (PBT) of Rs.894 million for the nine months ended 30th September 2016, a remarkable growth of 131% over the same period in 2015.
Consolidated Gross Written Premiums (GWP), which stood at Rs.9.8 billion at the end of the period in review, grew by 34% Year-on-Year (YoY). The Non-Life business recorded 40% growth in GWP at Rs.7.7 billion, while the Life segment grew by 16% with GWP of Rs.2.1 billion.
Janashakthi disbursed a sum of about Rs.5 billion in claims during the nine month period of which over Rs.4.1 billion was released towards Non-Life claims and Rs.793 million went towards Life Insurance claims.
“Continuing to build on the momentum achieved during the first half of the year, I am pleased to report that we have registered outstanding financial performance for yet another quarter of the year. We recorded steady top and bottom line growth with the Non-Life segment at the forefront. Achieving significant financial growth despite the spike in claims expenditure, resulting from the recent floods, further reaffirms our strong fundamentals and prudent reinsurance structure. I am confident that we will continue to progress along this growth trajectory towards attaining market leadership, while delivering greater value to all our stakeholders,” said Mr. Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
The Company (JIPLC) entered into an agreement with M/S Sanken Construction (Private) Limited (Sanken) in October 2015 to assign the leasehold rights of the property at No. 24, Staples Street, Colombo 02. Approval for this transaction has been received from the Urban Development Authority (UDA) and the Cabinet of Ministers. The transfer of leasing rights will now be subject to additional fees levied by the UDA and as a result, profit on conclusion of this transaction is now estimated at Rs.361 million. In September 2016, the parties, JIPLC and Sanken, agreed to further extend the period of the agreement up to 31st December 2016 to finalise the formalities.
The Board of Directors of Janashakthi Insurance PLC comprises Mr. Husein Esufally, Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando, Director/Chief Executive Officer; Mr. Ramesh Schaffter, Mr. L. C. R. de C. Wijetunge, Ms. Anushya Coomaraswamy, Mrs. Manjula Mathews, and Mr. Eardley Perera.