Janashakthi closes 3Q, 2015 with double digit growth
View(s):Janashakthi Insurance PLC has recorded a 15 per cent year-on-year (YoY) growth in consolidated Gross Written Premium (GWP) in the first nine months of 2015 to end the quarter with a consolidated GWP of over Rs.7.351 billion and Profit Before Tax (PBT) of Rs. 337 million, the company announced.The company’s life insurance business posted a YoY growth of over 19 per cent to realise a GWP of Rs.1.835 billion, a result of strategic changes made to the sales structure during the last financial year.
The non-life business achieved a GWP of Rs.5.516 billion, a YoY increase of over 14 per cent. By the end of the quarter the insurer had honoured claims of Rs.3 billion in non-life claims and Rs. 623 million in life claims. The rise in claims settlements was one of the key factors which had an effect on the company’s profits which saw a dip from the PBT of Rs. 609 million reported during the same period last year to Rs. 337 million, the company media release said.
“Continuing ahead with the momentum gained during the first half of the year, I am pleased to report that we have posted yet another quarter of strong performance. Both life and non-life segments registered impressive top line growth. These numbers are a reflection of the sound fundamentals of the business and the trust and goodwill we have earned amongst our stakeholders,” said Prakash Schaffter, Managing Director, Janashakthi Insurance PLC.Before the third quarter performance, Janashakthi announced the acquisition of AIA General Insurance Lanka Ltd for Rs.3.2 billion, further consolidating its position as the third largest general insurer in Sri Lanka.