Janashakthi Insurance records impressive results

Responding positively to regulatory reforms, Janashakthi Insurance recorded a 13.4% growth in the first quarter, after setting up a new entity, Janashakthi General Insurance Ltd. The new entity, which launched operations on January 1, 2015, handles the Non-Life Insurance business.

The parent company Janashakthi Insurance PLC, will act as the holding company engaging in the Life Insurance business.

CEO, Janashakthi Insurance, Jude Fernando said, “At the end of first quarter Janashakthi delivered a Gross Written Premium of Rs.2.5 billion adding nearly 300 million to GWP versus first quarter of 2014. This is a healthy start for the company and we hope to continue on this growth momentum.”

The GWP of Janashakthi General Insurance Ltd, (the Non-Life Insurance segment) was Rs.1.9 billion compared to Rs.1.7 billion in the previous year, reflecting an overall growth of 12.0%. The changes made within the Life Insurance segment in 2014, has shown positive results.

This is further validated with the Life insurance business recording a GWP of Rs.605 million,

growing the portfolio by 17.8% in first quarter 2015. In addition, the company managed to pay out Rs.1.1 bilion in claims as of Q1, 2015, an impressive achievement given the prevailing market conditions.

Total assets of the Company have crossed Rs.21.1 billion as at end of the first quarter 2015.

Managing Director, Janashakthi Insurance, Prakash Schaffter said, “The Group has posted a consolidated net profit of Rs. 106 million during the quarter ended 2015 in comparison to Rs. 156 million in the corresponding period last year.