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| Sunday, 20 June 2004 |
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Business |  |
| News Business Features Editorial
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Janashakthi achieves growth Janashakthi Insurance is fast emerging as a leader in the Sri Lankan insurance industry as the first quarter results clearly reveal a tremendous growth in premium income earnings in comparison to the same quarter in 2003. The General Insurance Premium income of Janashakthi, in the first quarter 2004 is Rs 625 million-reflecting an impressive growth of over 50%, while the overall premium income has grown by 40% to reach Rs 766 million. These results have reinforced the market position of Janashakthi Insurance as the third largest general insurer in Sri Lanka well ahead of some of the other well-established private insurers in the country. Commenting on these excellent results, Director/General Manager of Janashakthi Insurance, Prakash Schaffter said: "Janashakthi is still only in its 10th year of operation and the fact that we are ahead of longer standing private insurance companies in the General Insurance sector is outstanding". "Our growth in this sector this quarter has been incredible and is a clear indication of the exceptional performance shown by one of our flagship products Janaratha Full Option, which has outperformed similar products in the market, in a highly competitive and challenging business environment. Janaratha Full Option will continue to create value addition and the motorists of this country stand to benefit immensely from its continuous innovative product development activities," he added. Janashakthi Insurance which acquired the former state giant National Insurance Corporation in 2001, is now considered a key player in the Sri Lankan insurance industry, with projected earnings in premium income exceeding Rs 3 billion in 2004. The year 2004 has been earmarked as a year of significant growth with a substantial increase anticipated over the 2003 turnover. "Janashakthi has been continuously striving for service excellence and is the first insurance company in Sri Lanka to have gained the ISO 9002 for Life Operations. Continuous improvement to our systems and procedures saw us being upgraded to ISO 9001 and we continue to be the only insurer in Sri Lanka with this distinction," Prakash Schaffter said. These, along with prudent management practices and good corporate governance have enhanced the image of Janashakthi as a social responsible company while delivering greater and more consistent value to customers, employees, shareholders and the country at large. |
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