Janashakthi reports strong growth in 1H 2016
View(s):Janashakthi Insurance PLC (Janashakthi) posted a consolidated post tax profit (PAT) of Rs. 630 million for the six months ended 30th June 2016, surging by 198 per cent from PAT in the same 2015 period. Consolidated Gross Written Premium (GWP) grew by 34 per cent to Rs. 6.5 billion with the company’s Non-Life segment leading the charge with 41 per cent growth in GWP while its Life segment grew by 11 per cent, according to a media release issued by the company. During the period under review, claims valued at an estimated Rs. 4.6 billion were made to Janashakthi as a result of the devastation caused by the severe floods and landslides in Sri Lanka in 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, the release said.
“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,” 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.