Janashakthi records 19% growth

Janashakthi Insurance PLC (Janashakthi) reported a consolidated Gross Written Premium (GWP) of Rs.10.664 billion for the year ended December 31, 2015, a growth of approximately 19% over the corresponding period in 2014. The insurer posted a Profit Before Tax (PBT) of Rs.1,024 million.

The Company's life insurance business recorded a Gross Written Premium of Rs.2.550 billion. ThisYear on Year (YoY) growth of close to 18% was a result of changes made to the life sale and distribution structure and the basis for commission payments during FY2014.

The non-life business achieved a Gross Written Premium of Rs.8.113billion, a YoY increase of over 19%.Propelled largely by the growth witnessed in its motor insurance business,this further validates Janashakthi's position as the insurer of choice amongst motorists.

Honouring its commitment to policyholders, Janashakthi disbursed in excess of Rs.5 billion as claims through the year. The Company's balance sheet grew by almost 52% in FY2015 to Rs.31.694 billion, with investments of Rs.22.346 billion accounting for 71% of assets. A reflection of its strong fundamentals and commitment to stakeholders, Janashakthi's Life Fund grew by about 20% to Rs.8.782 billion during this period.

Janashakthi acquired a 100% stake in AIA General Insurance Lanka Limited in October 2015 to strengthen its position in the General Insurance segment. Having closed the financial aspects of the Rs.3.2 billion acquisition on October 23, 2015, Janashakthi completed its amalgamation with Janashakthi General Insurance Limited on January 29, 2016.

Managing Director, Janashakthi Insurance, Prakash Schaffter said, "2015 has indeed been a momentous year for us at Janashakthi. Both life and non-life businesses posted outstanding top line growth while honouring our commitment to policyholders."