Janashakthi posts Rs. 4.1 b. premium income in 2006

Janashakthi Insurance Co. Ltd, registered a record turnover of Rs. 4.1 Billion premium income during the financial year ending December 31, 2006. This is the highest ever achievement that any insurer has reached within 12 years in operation.

The life insurance business recorded a Gross Written Premium of Rs. 1.025 Billion registering an above industry average growth of 26%. One of the significant achievements is that the first year premium in life business recorded a 37% growth in comparison to 2005, with an achievement of 479 Million.

"We are very pleased with last year's growth in life business. The total number of policies registered a 27% growth totalling 53,000 policies", Managing Director of Janashakthi Insurance Co. Ltd Prakash Schaffter said. The company has expanded its business to cover the entire island with over 100 branches, which significantly contributed to the growth in 2006.

General Manager Sales and Marketing of Janashakthi Insurance Co Ltd Ravi Liyanage, said, "We are indeed happy with the growth in motor insurance recording a 24% growth over 2005, which is above the industry average.

This achievement was mainly supported by the contribution from the branch network, registering a growth of 34% compared to the previous year." The growth in motor insurance was predominantly due to constant innovations and benefits brought to the market by Janashakthi Full Option.

Being the award winner as the Innovative Service Brand at the SLIM Brand Excellence 2006, Janashakthi Full Option introduced the Zero Interest Plan for the benefit of policyholders, especially Motor, who find the lump sum annual payment a strain on their finances.

Under this plan, policyholders use their Credit Cards to make premium payments in monthly instalments at a zero interest.

The motor insurance market was further revolutionised, with the introduction of the 'Full Option Safety Net' during the latter part of 2006, which is a state-of-the art vehicle tracking and immobilising system, using GPS technology.