COLOMBO: Janashakthi Insurance PLC (Janashakthi) posted a consolidated Profit After Tax (PAT) of Rs. 630 million for the six months ended June, 30 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. “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.
This is yet another testament to the company’s sound financial fundamentals and prudent and farsighted reinsurance arrangements, as well as our steadfast resolve to honour our commitment to policyholders. We look forward to building on this momentum and growing the business exponentially towards market leadership, while staying committed to delivering greater value to all stakeholders,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
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 June 30, 2015 to Rs. 33.4 billion as of June 30, 2016. The quarter saw Janashakthi being recognized for its path breaking initiatives and service excellence. Some of the awards and accolades won by the Insurer during this period include the Brand Excellence Award in the ‘Banking, Financial Services and Insurance’ category at the Global Brand Excellence Awards 2016, the category award for ‘Excellence in Branding & Marketing’ at the 7th CMO Awards and the ‘Marketing Initiative of the Year’ award at the IASL – Fintelekt Insurance Industry Awards of Sri Lanka 2016.
