Janashakthi continues to record growth in 1H, 2016

Janashakthi Insurance PLC (Janashakthi) posted a consolidated Profit After Tax (PAT) of Rs. 630 million for the six months ended 30th June 2016, recording an impressive Year-on-Year growth of 198%.

Consolidated Gross Written Premium (GWP) grew by 34% to Rs. 6.5 billion with the Company’s Non-Life segment leading the charge with 41% growth in GWP while its Life segment grew by 11%.

During the period under review, claims valued at an estimated Rs. 4.6 billion were intimated to Janashakthi as a result of the devastation caused by the severe floods and landslides which drastically affected central areas of Sri Lanka in the month of May. As an Insurer committed to fulfilling its duties towards the nation, Janashakthi continued to deliver on its commitments in a responsible and speedy manner during this critical hour of need.

“I am delighted to report that we have delivered strong performance in the first half of the year.

We recorded steady top line growth, led by the Non-Life segment, and an impressive growth in the bottom line despite a marked rise in claims which resulted from the recent floods,” said Managing Director of Janashakthi Insurance PLC, Prakash Schaffter.

Janashakthi maintained healthy Capital Adequacy Ratios (CAR) for both Life and Non-Life businesses, following the introduction of the Risk Based Capital (RBC) model which replaced the Solvency based regime from 1 January 2016. The Company’s asset base grew from Rs. 22.2 billion as at 30th June, 2015 to Rs. 33.4 billion as of 30th June, 2016.