Janashakthi records 20% revenue growth
Janashakthi Insurance reached its highest ever consolidated revenue
of Rs. 9.9 billion reflecting a 20% growth, stemming from attractive
returns generated from Janashakthi's solid investments, company sources
said.
|
From left : General Manager, Finance and Planning,
Janashakthi Insurance, Bertal Pinto Jayawardena, Managing
Director Prakash Schaffter, Deputy Chairman C T A Schaffter,
Deputy CEO and Director Jude Fernando and General Manager,
Sales and Marketing, Shehara de Silva. |
Janashakthi Insurance delivered 22% Return on Equity to its
shareholders, and a net asset per share of Rs. 12.48, a 34% year-on-year
growth.
This strong growth with the highest Profit After Tax of Rs. 1 billion
and the largest recorded customer base of 700,000, has placed the
company in a stellar position to meet the impending regulatory split.
The company achieved these results while honouring over Rs. 4.4
billion in claims over the past year. This was validated by the
company's claim paying ability being upgraded to A by RAM Ratings.
Janashakthi also reported a total asset base of Rs. 18.6 billion,
while its stated capital of Rs. 1.49 billion is the highest in the
category.
The company achieved Rs. 8.7 billion GWP, more than 75% of which was
made up of non-life premiums, reflecting the company's renewed focus on
diversification.
The Life segment increased by 8.3% to reach Rs. 2.19 billion, while
non-life business contributed Rs. 6.5 billion to revenue, an increase of
10% compared to the previous year.
The solvency margin of Janashakthi's Life insurance increased from
440% of the needed margin level has increased to 710% by year end, 2013.
Total assets of the company reached Rs 18.65 billion in 2013 from
that of Rs 15.84 billion in 2012.
The Non Motor segment in particular posted a commendable growth of
15% well above the industry standards for growth during the year, with
the Fire, Marine and Miscellaneous sub categories setting a benchmark
for the entire industry in 2013.
"The company has surpassed a milestone by achieving Rs. 1 billion
profit after tax, a significant first time achievement by the company,"
said Managing Director, Janashakthi Insurance, Prakash Schaffter.
"This with our impressive consolidated revenue, is most creditable
given the intensely competitive nature of Sri Lanka's insurance
industry," he said. |
