Sri Lanka Janashakthi Insurance six-month net up 223-pct

Aug 20, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said net profit in the six-months to June 2009 rose 223 percent to 265.6 million rupees from a year ago mainly on better cost control, lower claims and higher investment income.

Janashakthi Insurance paid out 1.14 billion rupees in claims to customers during the first half of 2009.

Investment and other income rose 11 percent to 499 million rupees in the first half of 2009 compared with the same period in 2008.

Schaffter said Janashakthi Insurance has the highest stated capital among listed insurance companies, amounting to over 1.49 billion rupees, which is over 7.5 times the statutory requirement.

“The company is also backed by a rapidly accumulated asset base of over 10 billion rupees, 3.4 billion in government securities,” he said.

Provisions made for general insurance business were down 9.7 percent to 2.89 billion rupees, while life insurance provisions were up 11.9 to 3.27 billion rupees.

The group’s other liabilities were up 13 percent to 1.29 billion rupees, while interest bearing liabilities were up almost 75 percent to 471.3 million rupees.

Total revenue rose 11.6 percent to 2.96 billion rupees while its net written premium went