Janashakthi records double digit growth in Premiums in Q1 2017
View(s):Janashakthi Insurance PLC (Janashakthi) reported a 14 per cent Year on Year (YoY) growth in consolidated Gross Written Premium (GWP) which stood at Rs.3.789 billion for the three month period ending 31st March 2017.
The insurer in a media release recorded a consolidated Profit After Tax (PAT) of Rs.217 million at the end of Q1 2017.
Janashakthi also witnessed a 15 per cent YoY growth in claim payments during the period under review, reflecting the company’s unwavering commitment towards honouring its pledge to its policyholders.
“I am happy to report that both our Life and Non-Life businesses continued to register double digit growth through Quarter 1 2017, allowing us to kick off FY 2017 on a positive note despite a rise in claims payments. Charged by the momentum gained during the quarter, we look forward to driving exponential business growth, while delivering greater value to all our stakeholders with a renewed commitment to service excellence,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
Other streams of revenue, including investment income too made a considerable contribution of Rs. 717 million to the bottom line. This was largely driven by the higher returns received on the company’s strategic investments over time. The total assets of the group stood at Rs.32.8 billion as at 31st March 2017.