Janashakthi reports record profits with highest ever 62 % growth
View(s):Janashakthi Insurance PLC said this week it posted ‘record profits’ for 2012 and reached Rs 8.26 billion in total net income.
Stringent cost control coupled with the company’s strategy of prudent underwriting resulted in a record profit of after tax of Rs 800 million, up by 62 per cent from the previous (2011) year.
“This result is amplified against one of the toughest years for motor vehicles with shrinking imports, depreciated exchange rates and higher interest rates. Despite the increases in vehicle import duty which saw vehicle registrations recede by 40 per cent, motor insurance topped Rs. 4 billion, growing by 14 per cent. Underwriting profits rose to Rs. 2.1 billion,” the company said in a statement.
“Janashakthi’s performance in 2012 is, more than ever, a reflection of the growing strength of its sales force and its continuous focus on market responsiveness and service excellence. Janashakthi continues to be a leader in its most profitable segments of private cars, motor cycles, three wheelers and dual purpose vehicles in which it continues to record considerable success during the year,” noted Prakash Schaffter, Managing Director, Janashakthi Insurance.
Janashakthi said it continues to reflect a very healthy stated capital structure of Rs. 1.4 billion which is over seven times the required level of capital for its business operation.
“(The) Janashakthi Life Saver product recently launched has taken the retirement market by storm with its game changing cornucopia of features taking on the herculean task of grappling with a national crisis as Sri Lanka now has one of the fastest growing ageing demographics in Asia. The need for really pushing for a true safety net product that both saves and protects was the brainchild of founder and Deputy Chairman Chandra Schaffter,” it said.
In the team category, the Gampaha ADO office claimed the Best ADO title.
| Janashakthi fêtes salesperson
Janashakthi Insurance honoured top achievers of its sales force at a ‘Las Vegas’ themed spectacular Annual Awards for Excellence 2013 ceremony with overseas training, a spate air tickets to UK, USA, China, India, Bangkok, Dubai, Vietnam, lavish cash prizes and trophies were offered, a company press release said. Speaking at the ceremony Prakash Schaffter, Managing Director Janashakthi said, “investing in our sales force and rewarding them for their excellent contribution to the company are among the top strategic priorities of Janashakthi.” The highlight of the evening was the Chairman’s award given to H.L.A. Harshana who was recognized for an exemplary sales performance, the media release said. “True to the glamorous Las Vegas theme H.L.A. Harshana made a dramatic entrance in a stretch-line limousine, with motor decade and accompanying a fanfare,” it said. K..K. Wijetunga, Kalutara branch won the Best Life Salesperson Award while Best Single Line Unit Leader Award went to Harshana at Head office life. M. Thangiah, Mahawewa branch won the award for the Best Client Builder in Life Sales while G.S. Ruwan Kumara, Hatton branch secured the Highest Contributor Award – Life Sales. K.M.S. Lakshman, Dehiattakandiya branch won the Best Life Business Promotion Sales Supervisor award while S. Arulnesam, Hatton branch became the Best Life Business Promotion Assistant for the year 2012. |
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